To stabilize energy costs, let’s reset US energy policy with an all-of-the-above approach 

The ongoing war against Ukraine and COVID-driven impacts on our economy have led to unstable gas and oil prices throughout 2022. Now, we’ve passed and signed vital legislation into law — the Inflation Reduction Act — to help bring down consumer energy costs, boost American energy independence and security, and put in place the most important climate investments in our nation’s history. 

However, to stabilize energy prices in the long-run and provide American families the certainty they need, we need to secure our own energy independence here in the United States, rather than rely on terrorists and murderous nations abroad for our oil supply. As the representative of New Jersey’s 5th District, I know Jersey residents are looking to the president to use every tool available to help stabilize costs, while demonstrating that responsible domestic energy production is a top concern. 

Given the global climate, energy conditions are far from stable. We must not be complacent. Russian President Vladimir Putin’s illegal war against Ukraine is not over. He has already drastically cut gas supplies to Europe and could cut them off completely at any moment, especially when demand is set to increase during the winter. Americans should not be at the mercy of communist and terrorist dictators in Russia, Iran, and Venezuela when they fill up the tank or heat their homes this fall and winter. 

Unstable energy costs impacting our families have increased the pressure to reset U.S. energy policy with an all-of-the-above strategy, like the plan I announced in North Jersey earlier this year. The rising cost of gas and other significant challenges — international conflict, the lingering impacts of the pandemic, and COVID-driven supply chain issues — mean President Biden must act on a key part of my all-of-the-above energy strategy: helping the United States move toward energy independence. We can both increase domestic production and focus on longer-term alternative energy. We don’t have to choose one or the other.  

The best way to do that is to leverage all our resources. President Biden should bring together the American energy industry and offer a policy framework that aligns our short-and-longer term energy needs with the goal of creating a clean and sustainable energy supply for the future. This allows for a stepped approach toward the administration’s 2030 climate goals, while supporting their commitment to stabilizing and lowering costs, strengthening our national security, and improving the lives of Americans. We all want to build a better future for hard-working American families, and a sensible energy policy that balances short-and-longer term needs is the way we get there.  

First, we must tap the energy resources that we have right here in America and increase domestic production. We need to be energy independent, so we aren’t relying on terrorist Iran or communist Venezuela for our energy needs. The president should also bring American oil and gas producers, processors, and transporters together to ensure we’re leveraging the sources we have here domestically. 

Second, the president needs to work with our allies to stabilize energy markets across the world, safeguard our nation’s energy security, and boost America’s own energy independence by eliminating our reliance on oil from Russia, terrorist states, and other bad actors, including Iran and Venezuela. 

Third, we must continue our work toward longer-term climate goals, while tapping our existing domestic energy supplies in the near term. We can do both, and get gas and oil prices down and stabilize them now. The worst thing to do would be to cut off all of our domestic oil and gas production, as well as nuclear energy, and suddenly have to rely even more on nefarious actors like Russia, Venezuela, and terrorist sympathizers like Iran.  

Renewable and alternative energy should also be a critical aspect of any plan that looks to achieve energy independence while meeting our long-term climate goals. Having passed the Inflation Reduction Act, which provided historic investments in renewable energy, we must take steps to ensure the energy transition actually takes place. 

Overall, accessing energy from all available domestic resources — from solar, wind, oil, and gas — will help diversify and strengthen our overall energy security. An all-of-the-above strategy will support our nation’s manufacturing goals, lower prices, help us move toward our climate goals, and ensure that the energy sources we rely on today won’t be disrupted. Hardworking New Jersey families cannot afford any other approach. 

Josh Gottheimer is a U.S Congressman from New Jersey’s 5th District and is co-chair of the bipartisan Problem Solvers Caucus.