By Rick Manning
President Trump’s determination to end damaging regulations on energy production has unleashed American innovators to remake the world’s energy markets as the United States is now a net energy exporter. Private companies and individuals freed up to focus on getting oil, natural gas and coal out of the ground has led to a renaissance that has only been dreamed of for the past three generations when the bonds of energy dependency shaped much of American policy and our national mindset.
The freedom of American energy independence and, yes, even energy dominance in the foreseeable future will shape the 21st century world economy if only our policy makers avoid the temptation of trying to turn back the clock to the days of scarcity when Americans faced long gasoline lines and odd/even day purchase rationing at the pump.
But American, indeed North American and South American energy dominance, is not just the avoidance of the pain caused by the lack of affordable energy, but instead is being able to bear the fruits of inexpensive abundance. Electricity generation is essential to the modern economy, and being able to produce electricity inexpensively, reliably and resiliently is one of the foundational building blocks to the 21st century re-industrialization of America, demonstrated by the more than 500,000 new manufacturing jobs created on our shores since President Trump took office. This is just the tip of the iceberg in terms of American economic growth, as the President’s trade, tax and regulatory policies continue to create the environment for a thriving, expanding economy.
On the environment front, there is one international regulation which should be supported by every American, IMO 2020. IMO 2020 changes the fuel composition allowed to be burned by cargo/container ships to a low sulfur mix away from extremely high sulfur bunker oil. Container ships are equipped to make this conversion, and America has the refinery capacity to supply much of the shipping world’s fuel needs. This conversion matters because just 16 container ships create more sulfur dioxide pollution (smog) around the world than all 80 million internal combustion cars in the world combined. Energy dominance doesn’t mean environmental stupidity, and due to America’s capitalist driven modern oil refinery system, once again our great nation is in the lead in providing the means to care for the world’s air while keeping the engines of a strong economy roaring.
Capitalism works. It creates abundance through innovation. And out of that abundance, American companies can profit while helping the world dramatically cut worldwide air pollution. Not through impossible to meet government mandates, but through common sense problem solving and innovation.
Rick Manning is the President of Americans for Limited Government.
