Energy, the economy and the American family’s cost-of-living are tightly connected. For many families, home energy and gasoline costs eat a significant portion of their income. Higher energy prices also increase the cost of food and any goods that are shipped. It is important to note that when the price of oil is high, it takes money out of our citizens’ pockets and puts money in the pockets of global rivals, especially Russia.
America needs to be energy independent. That means leveraging our traditional energy abundance in the cleanest ways possible, continuing to search for practical renewable solutions (wind, solar, etc.), and even opening the door to more nuclear energy – the cleanest and most-reliable generator of electricity. In parallel, our country needs to significantly upgrade electrical grids. In the digital world, we are more dependent on electricity than ever. Aging electrical infrastructure is a strategic risk that puts lives in danger.
The cost of energy is an important component of inflation, but government spending and supply chain efficiency also play a major role. For the former, we must stop the bleeding caused by the irresponsible spending in the Inflation Reduction Act and American Rescue Plan. Some unspent billions must be reclaimed so that the market can recover without further stimulus. Meanwhile, I will work to remove regulatory barriers that make key supply chains less efficient and less reliable.