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Tuesday, June 7, 2022

We already achieved ‘energy independence.’ What good did it do us?

Somehow no one appears to have noticed. “Energy independence” is a political slogan in search of a concrete definition, but based on context, conservatives appear to be referring to situations when the United States sells more oil and petroleum products to the rest of the world than it buys from other countries. The United States initially became a net exporter of oil and petroleum products in late 2019, while Trump was in office, for the first time since at least the 1950s.. There were a few months in late 2020 and early 2021 when that vaunted new trend reversed, and the United States again imported slightly more than we exported. But even then, total petroleum production and consumption still remained nearly even. That was the loss of “energy independence” that Republicans often decry, and (incorrectly) blame on President Biden’s supposed “war on fossil fuels” rather than the pandemic and its volatile effects on petroleum markets. But even that quickly reverted back again. Since last October, we’ve been exporting more than we import each month, according to data from the U.S. Energy Information Administration, an independent government statistical agency. That is, we got back to “energy independence” under Biden, but Republicans forgot to update their talking points. And what of the reports that fossil-fuel firms ratcheted down production in the past couple of years, allegedly because Biden was waging war on them? It’s true that earlier in the pandemic (i.e. pre-Biden), energy production declined both domestically and internationally. No surprise, given that oil prices briefly turned negative. A lot of companies went bankrupt and investors lost money. In fact, Trump helped negotiate a cut to global oil production to help stabilize plummeting prices, another fact Republicans sometimes conveniently forget. If we actually want to get energy costs down, if we want to completely insulate ourselves from global price shocks, what we ultimately need is the technological investments that keep energy cheap, reliable and, coincidentally, clean. That means investing in renewables, including: installing grid-scale solar wherever possible. Encouraging consumers and businesses to transition to electric vehicles, stoves and heat. And especially, developing better battery technology. Despite the perception that renewable energy is some expensive, indulgent cause of liberal tree huggers, it’s already quite cheap. It’s cheaper, for instance, to build and operate an entirely new wind or solar plant than it is to continue operating an existing coal facility. But without better storage technology, we’re stuck with using easily storable fossil fuels, which are dirtier and subject to geopolitical turmoil. We can’t control what the Russians do. We can’t control what the Saudis do. What we can do is electrify everything and make sure the electricity we use is cheap. That’s the solution if you want to stick it to oil companies, as many on the left do; it’s also the solution if you want abundant, inexpensive and truly independent energy sources, as the right has been coveting for decades. https://www.washingtonpost.com/opinions/2022/06/07/energy-independence-oil-gas-renewables/