Don't Repeat the Mistakes of the Past

Investors' Business Daily once again addressed the failure of our national energy policy today. It's not the first time the paper has addressed this issue, but this particular editorial asks whether we're going "back to the 70s."

Remember the 70s?  Bad hair? Platform shoes? And long gasoline lines?

Resurrecting the policies of the past could lead to a "human-made crisis," says the editorial, referring to renewed efforts to solve our energy dilemma by raising taxes.

Now, just think about that for a moment. Does it make sense to raise taxes, particularly on oil companies,  to produce more energy? Of course not. It just increases their costs.

Wouldn't it make more sense to increase our oil supplies -- especially oil that exists under American soil?

According to U.S. government estimates, the country has about 112 billion barrels of oil that could power 60 million cars for 60 years. But the bulk of these resources have been placed off limits and can't be developed. Likewise, the U.S. has about 656 trillion cubic feet of natural gas, enough to heat 60 million homes for 160 years. But the vast majority of the natural gas is off limits or is accessible only under significant restrictions.

More energy is the answer, not higher taxes.