Heritage Foundation on Oil Prices

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Heritage Foundation on Oil Prices

Gas prices are on the rise, with no end in sight. The national average for a gallon of gas is $3.85, and many analysts predict gasoline prices could reach record highs this summer.
While Americans’ budgets are being squeezed at the pump, the current administration is unilaterally taking steps that would decrease the amount of domestic oil produced in the United States.

  • At least 103 drilling permits are stuck awaiting review by the bureaucrats in Washington.
  • Since President Obama “lifted” his deepwater drilling moratorium in October 2010, not a single new exploratory drilling plan in the Gulf of Mexico has been approved by the administration.
  • To add insult to injury, the administration has also placed a seven-year ban on drilling in coastal waters.

The American people and many of their representatives in Congress are calling on this administration to loosen the stranglehold they’ve placed on new energy supplies and to increase domestic exploration. However, instead of offering practical solutions to the rising oil prices, President Obama is ridiculing the conservative plan to increase drilling, asserting, “that’s not a plan; that’s a bumper sticker.” His alternative: still more government spending on “green energy” schemes.

Meanwhile, nearly three out of four Americans support domestic drilling.

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We can no longer afford to wait for this administration to develop a common-sense energy policy. Americans are struggling to cover the cost of living and small businesses are watching their overhead costs skyrocket.

That’s why The Heritage Foundation has put together a sensible solution addressing America’s energy and environmental needs that is rooted in free market principles, built on private property rights, and reliant on the initiative and entrepreneurial spirit of the private sector.

Heritage is committed to speaking up for Americans by offering fiscally sound economic solutions, reinforced by conservative principles, to address all areas of the economy–from energy policy to tax reform to entitlement reform.

We have brought all these ideas together under one plan called Saving the American Dream, and we want to share our proven solution with as many Americans as possible during this important year.