Bolster Domestic Energy Production & Ensure a Responsible Energy Transition

Last year we saw the results of a mismanaged energy transition and poorly written policy. Domestic production was at a low and foreign dependence was at a high. The American economy suffered and rising energy costs became an invisible tax on everything, all at a time of record high inflation. Businesses dealt with higher energy, transportation and manufacturing costs along with other operating costs that skyrocketed, bringing their output to new lows which led to rising prices for consumers. To prevent this from happening again, we need common sense regulation that allows us to increase domestic energy production and regain our energy independence. This includes both traditional and clean energy sources, fostering a responsible transition from one to the other. The USHBC led a coalition effort to combat overreaching regulation.

Fast Facts:

  • The price per barrel of crude oil recently spiked from $68.87 to $116.80. In the same time frame, we saw inflation rise from 5.3% to 9.1%.

  • Only 46% of refined oil goes into gasoline, the rest is used in a variety of household products.

  • In 2021, oil imports grew by 19%, increasing our dependence on foreign sources of energy.

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