In his first public statement as elected Majority Leader, Senator John Thune (R-SD) remarked that one of Congress and the Trump administration’s priorities would be to “restore American dominance” to “lower costs and bolster national security.” With the right policy and regulatory reforms, policymakers can supercharge an abundance agenda that lowers costs and improves the environment.
While Republicans have rightly criticized the Biden administration for many anti-energy actions (Keystone XL, power plant and vehicle regs, an LNG export pause – to name a few), it is worth noting that America is already quite energy dominant. Driven primarily by the private sector, the United States is already the world’s largest oil and gas producer and, earlier this year, produced more oil than any other country in history. The U.S. is also a global leader in energy innovation, with everything from advanced geothermal and battery storage to small modular nuclear reactors that are poised for technological breakthroughs and cost reductions.
Senator Thune has been a tireless advocate for affordable, reliable energy. He’s strongly advocated for domestic production, including the minerals and rare earths necessary for clean energy deployment. He has promoted using energy exports to reduce the influence of hostile actors like China and Russia, who manipulate energy markets for political advantage. He’s been a technological optimist, underscoring the advancements in everything from renewables and advanced nuclear to carbon capture. He’s sponsored and cosponsored legislation that would capitalize on America’s abundance of natural resources and drive energy innovation forward.
As Congressional leadership and incoming senior administration officials put together their priorities, there is no shortage of policy reforms that will open access to the abundance of natural resources in the U.S. and spur more investment and deployment. Critically, many of these policies will help improve the competitiveness of all energy sources and technologies. Some reforms may significantly benefit clean energy projects, which often face hurdles due to bureaucratic red tape and excessive litigation.
Whether it is an immediate expensing tax policy that will spur more research and development and capital turnover, nuclear regulatory reform, or bolder permitting reform, an energy abundance agenda should empower the private sector to invest, trade, and build with efficiency and predictability. Eliminating favoritism for mature energy technologies will protect American taxpayers and consumers. Costly tariffs and trade wars work against an American energy dominance agenda and will ultimately harm American households and businesses.
If newly elected Majority Leader John Thune wants to restore American energy dominance, policies rooted in economic freedom will provide the roadmap to get there.
The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.
