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Guest Commentary February 11, 2002
Energy: An Essential Component of National Defense
The Honorable Kay Bailey Hutchison
Energy is not only a matter of economic security – it is vital to our national security. Now, more than ever before, it is critical that we reduce our reliance on foreign sources of oil.
In addition to altering the course of our lives and pushing us into a battle against terrorism, September 11, 2001, served as an unfortunate reminder of why our country must adopt a sensible, national energy policy. Stability depends on opening up our own resources.
Today, the United States depends on foreign oil production for about 60 percent of national demand. Yet back when the oil shocks of the 1970s knocked the wind out of our economy, that figure was closer to one-third. This is unacceptable – but solvable. We must take control of our destiny and increase domestic production to help stabilize oil prices, control our own energy supply and put Americans back to work – a strong energy policy would be one of the best economic stimulus packages Congress could pass.
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One of the first steps to reduce dependence on the Middle East is to open up the Arctic National Wildlife Refuge (ANWR) for drilling. Opponents of drilling in the ANWR have unfortunately painted an inaccurate picture of environmental destruction and disregard for its habitat. The truth of the matter is that while the Refuge is the size of South Carolina, the proposed drilling area in Alaska is only 2,000 acres – smaller than the San Antonio International Airport. New technologies enable drillers to efficiently use much smaller plots of land, effectively reducing any disruption to the surrounding wildlife and natural habitat. If we made the commitment to drill in the ANWR today, in one year's time we could have the full capacity to produce the amount of oil that we import from Saddam Hussein's Iraq everyday.
There are nearly 500,000 low-volume wells around the country that have the capacity to produce roughly 10-15 barrels a day. While that figure may sound low, the combined production of these wells would equal 20 percent of America's oil needs – nearly the same amount we currently import from Saudi Arabia.
Unfortunately there is currently no economic incentive for producers to incur the expense of reopening and maintaining these wells. Producers need a safety net to weather the storm of price fluctuations. That's why I have proposed bipartisan legislation that provides a tax credit for marginal well operators if oil prices fall to between $18 and $15 per barrel. By implementing a floor on the price per barrel, we can create stability and ensure that domestic producers can continue contributing to our nation's oil demands, even in the face of dropping prices.
We must free ourselves from the whims of foreign dictators and unstable regimes that do not have America's best interests at heart. Increasing domestic production by encouraging marginal wells and allowing access to ANWR resources would be a critical step towards ensuring that we are not beholden to foreign countries for our nation's energy needs.
It is critical that we emphasize a balanced and comprehensive strategy that meets the needs of today and plans for tomorrow – one that effectively balances conservation, development of alternative sources of energy, and commonsense exploration to increase our own energy supply here at home. This will be one of my highest priorities for Congress this Spring.
We must now focus on stability for our country – our economy, homeland defense and national security.
Kay Bailey Hutchison, a Republican, is a U.S. Senator from Texas. The above commentary has been adapted from a weekly column Sen. Hutchison issues, January 27, 2002. To contact her, Click Here.
The above column has been distributed by PoliticsOL.com.
