Five things to know about U.S. energy policy

OPINION:

Given the energy disruptions in the Middle East and the topsy-turvy fluctuation in the price of crude oil in recent weeks, here are a few must-know facts on the energy scene.

First, “Drill, baby, drill” is working. America today is producing more oil and gas than ever before. Over the past six years, we have produced more than any other nation, including Saudi Arabia. The best way to inoculate ourselves from foreign supply disruptions is to generate every barrel of oil we can here at home. We have abundant supply for many decades, thanks to ever-improving shale drilling techniques.

Second, the Green New Deal was and continues to be an energy belly flop. Even after spending $400 billion of taxpayer subsidies on wind and solar power, these remain fringe and non-scalable forms of energy. We get 80% of our power from fossil fuels. Same as it ever was. Nuclear and hydro provide most of the rest.

Third, the Middle East has always been an unreliable source of energy for the U.S. Since the 1970s, prices have spiked whenever turmoil there has occurred. This means that every barrel of oil we drill reduces our vulnerability to disruptions in the Middle East.

Fourth, the U.S. is now a net exporter of oil and gas, with by far the largest increases in production. Along with Canada and Mexico, North America can be the new Middle East.

Finally, for those concerned about climate change and rising carbon dioxide emissions, there are two obvious solutions, and they aren’t wind and solar power. The first is natural gas, and the second is nuclear power. These two sources emit hardly any pollution, and rising natural gas production here at home explains why the United States has reduced its carbon emissions more than any other nation.

If President Trump is right that these oil-supply-chain disruptions are temporary, then oil prices will almost assuredly head back to the $40 to $60 range and we are headed for an era of great energy abundance.

This couldn’t come at a better time, as the amazing and soon-arriving technologies of the digital and robotics age will require multiple times more energy.

• Stephen Moore is a co-founder of Unleash Prosperity and a former senior economic adviser to President Trump.