The increasing global demand for energy and continuing conflicts in the Middle East have caused the price of oil to skyrocket. Combined with the extreme volatility of oil markets, American families and our economy are suffering. I am committed to measures that lower the price of gas and reduce our dependence on oil imported from unstable, totalitarian regimes.
The Organization of Petroleum Exporting Countries (OPEC) continues to limit the production of oil and keep prices artificially high. I have been outspoken against this form of economic extortion, and I have also cautioned against the formation of a natural-gas cartel similar to OPEC. Construction of the Keystone XL pipeline is essential to further limiting our imports of Middle Eastern and Venezuelan oil because it will ensure that stable supplies of oil from Canada, Montana, and North Dakota are delivered to refineries along the Gulf Coast.
Meanwhile, new technologies are prompting the discovery and retrieval of other vast domestic reserves of oil and natural gas. I support efforts to safely harness this energy windfall at home to further reduce American reliance on foreign energy supplies and protect American consumers from inflated energy prices.
We must also strike a balance between cheap energy and environmental responsibility. The future of America’s energy portfolio lies in the development of a broad suite of alternatives, and I am committed to promoting the use of American innovation and technology to provide new sources of energy that are both reliable and clean. I support an ‘all-of-the-above’ energy strategy that includes traditional fuels like petroleum and natural gas, as well as nuclear, solar, wind, hydropower, geothermal, biomass, and the use of hydrogen fuel cells. I have introduced the Open Fuel Standard Act to incentivize auto manufacturers to diversify the fuels their vehicle fleets accept to help lower fuel prices by providing cost competitive choices to consumers at the fuel pump.
Ultimately, the United States must continue to explore energy alternatives while using our vast supplies of traditional energy sources as a bridge to a cleaner energy future, ensuring prosperity for current and future generations of Americans.