Delayed energy projects and regulatory hurdles to domestic oil production not only cost the United States economy billions of dollars and millions of jobs, but they also stand in the way of an elusive goal: true American energy security.
I believe, however, that our nation is within striking range of that goal and, with the right approach, can achieve it within five to seven years. We have the resources and technology to produce more energy than we consume and break our long-standing dependence on foreign sources of oil. All we need is the will.
In fact, there’s a path to follow, one that North Dakota blazed over the last decade by building a comprehensive energy plan we called Empower North Dakota. We worked to create a business environment that encouraged energy companies across all industry sectors to invest in our state. We created the kind of legal, tax, and regulatory certainty that attracted capital, expertise, and jobs.
North Dakota’s oil industry is just one example of how this building the right climate for energy development can produce remarkable results. Just 10 years ago, oil companies had left or were leaving our state’s oil patch, the Bakken formation, for a host of reasons: inadequate technology, an aging workforce, lack of transportation infrastructure, and insufficient data about our oil reserves. Industry leaders decided they had better places to invest shareholder dollars and earn a return.
Read more at The American Spectator. By John Hoeven.
Photo credit: jimmywayne (Creative Commons)