Revitalizing the economy and ensuring global security: Embracing energy independence Image By Bill DeSteph As our nation grapples with economic challenges, it's imperative that we implement policy decisions that will reignite growth and ensure long-term prosperity. Central to this endeavor is revitalizing our energy sector—a move that promises to create jobs, enhance national security, and bolster the overall health of our economy. 1. Restarting the Keystone XL Pipeline Announcing the restart of the Keystone XL Pipeline is more than just an energy project; it's a declaration of energy independence. This pipeline would transport over 800,000 barrels of oil per day from Canada to refineries in the United States, significantly reducing our reliance on foreign oil imports. The construction and operation of the pipeline are projected to create thousands of high-paying jobs, stimulating economic growth in multiple states along its route. Moreover, utilizing a pipeline for oil transport is safer and more environmentally friendly compared to alternatives like rail or truck transportation, which have higher risks of accidents and emissions. By embracing this project, we not only secure our energy future but also take a step towards environmental responsibility. 2. Rolling back restrictive policies on refineries The United States once boasted over 300 operational refineries; today, that number has dwindled to around 130 due to restrictive regulations and policies. This decline has forced us to become more dependent on imported petroleum products, undermining our energy security and economic stability. In 2018, we were exporting approximately 3.8 million barrels of petroleum per day. Fast forward to today, and we're importing around 6.56 million barrels daily. This shift has significant implications: Transportation sector (66.6% of petroleum consumption): Our transportation infrastructure is the lifeblood of the economy. Trucks delivering goods, tractors harvesting crops, and trains moving freight all run predominantly on diesel fuel derived from petroleum. Without sufficient refining capacity, fuel shortages or price spikes can cripple these essential services. Industrial sector (27.5%): Industries rely on petroleum not just as a fuel but also as a raw material for producing plastics, chemicals, and pharmaceuticals. A stable supply is crucial for manufacturing and innovation. Residential and commercial sectors (5.3% combined): Heating, cooking, and electricity in homes and businesses sometimes depend on petroleum products, especially in regions without access to natural gas. Electric power sector (0.6%): While a small percentage, petroleum still plays a role in electricity generation, particularly during peak demand or in remote areas. By rolling back overly restrictive policies, we can rejuvenate our refining industry, ensuring that all sectors have reliable access to the petroleum products they need. This move would not only reduce our dependence on imports but also stabilize prices and supply chains across the economy. 3. Learning from global energy policies Internationally, other nations are advancing their energy infrastructures to their advantage. The Nord Stream pipelines, for example, were established to transport natural gas from Russia to Germany, securing energy supplies for much of Europe. While we halted the Keystone XL Pipeline—a project that could have been fully operational by January 2023—we allowed other nations to strengthen their energy positions. By reconsidering such critical projects, we can position ourselves as leaders in global energy markets, rather than ceding influence to others. Embracing a holistic energy model To meet our energy needs sustainably and efficiently, we must adopt a comprehensive strategy that leverages all available resources. In Virginia, our energy portfolio exemplifies the benefits of a diversified approach: Natural gas (55%): Serves as a reliable and relatively clean source that supports base-load energy demands and can quickly adjust to changes in energy consumption. Nuclear energy (32%): Provides consistent, carbon-free power with minimal environmental impact. Investment in nuclear technology can ensure long-term energy security. Solar energy (5%): A rapidly growing sector that offers renewable solutions and can reduce our carbon footprint. Continued investment will drive technological advancements and cost reductions. Coal (4%): Despite a decline in use, coal remains a significant part of our energy mix, contributing to base-load power, especially during peak demands. Wind energy (1%): Holds significant growth potential, particularly with advancements in offshore wind technology along Virginia's coastline. Other technologies (4%): Includes hydroelectric, biomass, and geothermal energy, all of which contribute to a resilient and flexible energy system. This diverse mix underscores the importance of not relying on a single energy source. A multifaceted approach enhances energy security, promotes economic stability, and supports environmental sustainability. Investing in energy infrastructure and innovation Beyond immediate policy changes, we must also invest in modernizing our energy infrastructure: Upgrading the grid: Implementing smart grid technologies will improve efficiency, reduce outages, and better integrate renewable energy sources. Research and development: Funding innovation in energy storage, carbon capture, and advanced nuclear reactors will position Virginia as a leader in next-generation energy solutions. Workforce development: Training programs and education initiatives will prepare our workforce for high-demand jobs in the evolving energy sector. Conclusion Revitalizing our economy requires decisive action centered on energy independence and strategic policy decisions. By restarting the Keystone XL Pipeline, revising restrictive refinery policies, and embracing a holistic energy model, we can secure a prosperous future for Virginia and the nation. Our energy strategy should not be a partisan issue but a collective effort to ensure economic growth, national security, and environmental stewardship. It's time to harness our resources, ingenuity, and determination to get the economy back on track. Bill DeSteph represents Virginia's 20th District in the Senate of Virginia. He is a staunch advocate for energy independence, economic development, and innovative energy solutions. *The opinions expressed in this column are those of the author and do not necessarily reflect the views of EnergyPlatform.News.
