There Is No Silver Bullet for Energy Security

In 1979, President Carter made his famous “crisis of confidence” speech, in which he implored Americans to hold fast against high gasoline prices and promised that renewable energy and alternative fuels would give relief. Then President Reagan came into office and lifted the price controls on oil. Finally allowed to yield a profit, domestic producers were incentivized to increase production and the energy crisis ended.

In 2022, Americans are facing record high prices at the pump, and we are seeing echoes of the “crisis of confidence” as Vice President Kamala Harris and Transportation Secretary Pete Buttigieg are pushing for electric vehicles (EVs) and green energy. The administration, and other politicians, are making a classic error of failing to understand that there is no panacea to the nuts and bolts of energy security, and sometimes the simplest solutions are the best. What’s more, recent moves by the administration to plea for increased foreign fossil fuel production is at odds with America’s environmental policy objectives.