Yesterday, the Energy and Commerce Committee of the House of Representatives held a joint legislative hearing titled, “Unleashing American Energy, Lowering Energy Costs, and Strengthening Supply Chains.” Since Russia’s invasion of Ukraine nearly one year ago, global markets and American consumers have fallen victim to price fluctuations and record energy costs.
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The influx of federal spending and high energy price shocks are fueling inflation, which hit a 40-year high last year. This means that policymakers will need to be thoughtful in providing reliable and affordable energy to consumers. In her opening statement of the hearing Energy and Commerce Chairwoman Cathy McMorris Rodgers (R-WA) outlined how an “all of the above” strategy can help the U.S. meet these challenges:
“America has been blessed with an abundance of natural resources. We should be working towards developing a predictable regulatory landscape across the board that inspires innovation, entrepreneurship, and technological leadership, hydropower, nuclear, fossil energies, wind, solar, and batteries.
“We need all of them in order to secure a stronger, more prosperous America, reduce costs and emissions, address climate issues, and create more robust and resilient communities.”
The Committee considered a myriad of bills aimed at bolstering American energy security. Key legislation included:
- Protecting American Energy Production Act;
- Promoting Cross-border Energy Infrastructure Act;
- Promoting Interagency Coordination for Review of Natural Gas Pipelines Act; and
- Securing America’s Critical Minerals Supply Act
These bills would enable America’s energy sector by providing regulatory clarity and reducing barriers to production. American energy is among the cleanest in the world and can play a pivotal role in reducing global emissions and helping countries deliver power to consumers. As one report from the Citizens for Responsible Energy Solutions (CRES) Forum notes:
“The potential emissions reductions from [replacing dirtier fuels with American natural gas] are significant. For example, if the European Union (EU) replaced its Russian natural gas for electricity production with U.S. natural gas, the associated global emissions would fall approximately 72 million metric tonnes annually. For comparison, the EU estimates that it needs to reduce its emissions by 78 million metric tonnes each year to reach its 2030 targets.”
As C3 Solutions has highlighted in its Climate and Freedom Agenda, lawmakers are advancing solutions to alleviate energy costs and security concerns while addressing climate and other environmental issues. By promoting an innovation-led, “all of the above” strategy, Congress can continue to unleash ways for America’s energy sector to meet families’ needs while charting a path forward on environmental progress.
The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.
