Just a couple of months ago, with oil prices above $140 and gas prices above $4 a gallon, energy independence was one of the hottest topics in Washington and in the news. After the historic drop in energy prices over the last several weeks, where have all the headlines gone? We may not be talking about energy independence these days, but lower prices certainly haven’t resolved the issue.
In a recent opinion piece in the Fort Wort Star-Telegram, Senator John Cornyn said that energy should continue to be a focus of the 111th Congress:
While lower gas prices should have given us the chance to catch our breath and redouble our efforts to develop a comprehensive energy plan, instead it signaled an ill-timed break in discussion on one of the most important issues of our day.
According to a recent American Petroleum Institute report, it’s estimated that the United States has undiscovered technically recoverable resources, including onshore and offshore reserves, totalling 116 billion barrels of oil and 650 trillion cubic feet of natural gas.
Accessing those reserves may not solve all of our energy needs, but as our demand for energy continues to grow, where will the supply we need come from? And more importantly, how much will it cost us?Categories: Energy Policy, Markets and Economy
Tags: Energy Policy, Oil prices