Responding to a recent report, U.S. Rep. Tom Reed (R-NY) released a statement on how the U.S. can keep its oil and gas prices low by producing more energy at home.
“Oil and natural gas developed in the United States (are) keeping oil prices around the world low, which is driving down the price of gas here at home,” Reed, citing the report by the International Monetary Fund (IMF) regarding the long-term impact of U.S. shale deposits’ output. “Cheaper gas is also reducing the prices of food and electric/gas bills, which help families, as these are the largest expenses in a household.”
The IMF report said hydraulic fracturing is directly responsible for a drastic reduction in natural gas imports, as well as increased domestic oil production. That process, in turn, reduces the price of gasoline, regardless of any political unrest in the Middle East.
“For the sake of our economy, our kids and the future of the United States, we must develop a strategy to end our dependence on Middle Eastern crude oil,” Reed said. “We cannot continue to rely on oil to meet all of our country’s needs.”
Reed also briefly discussed draft legislation he is developing that could lead to energy independence for the United States. His “all of the above” approach aims to encourage the development of domestic resources, including both renewable and traditional energy sources, such as solar, wind, oil and natural gas. The proposal is also expected to contain improvements to work force training, energy-efficiency standards and infrastructure.
“It’s only fair that we use the resources that we have here at home first and not let an extreme liberal-progressive agenda send energy costs through the roof, and stifle our communities,” Reed said.