Cruz: We need a Great American Energy Renaissance to save us from the Obama Economy
BEAUMONT, TX -- U.S. Sen. Ted Cruz, R-Texas, today held a press conference at the Spindletop Museum to discuss ideas to promote energy development and boost the economy.
"Restoring jobs and economic growth is the number one priority for Americans and we have a clear path before us to do exactly that. A Great American Energy Renaissance is now underway that we should embrace.
"This week brings us the fifth anniversary of President Obama's failed stimulus, which reminds us that jobs are not created by the federal government; they are created by innovative, hard-working American people. This was true when Spindletop became a boomtown and it's true today. The only difference is an out-of-control federal government didn't stand in Spindletop's way.
"It should be in the interest of every Republican, Democrat, Independent, and Libertarian to support the new energy revolution.
“It's clear that President Obama's agenda is dragging our economy down. Obamacare is killing jobs, his energy regulations are killing jobs, and his ideas to mandate a higher minimum wage will kill even more jobs. We don't need more anti-growth ideas; what we need is a Great American Energy Renaissance to save us from the Obama economy."
Sen. Cruz plans to introduce energy legislation in the coming weeks. It will include the following steps to expand energy exploration, stop harmful regulations, and eliminate barriers to trade and infrastructure development so as to allow the creation of private sector jobs and economic growth.
I. Prevent the Federal Government From Undermining the American Energy Renaissance and the Jobs It Creates (1-5)
1) Prevent Federal Regulation of Hydraulic Fracturing.
- Leave regulation of hydraulic fracturing in state hands
2) Improve Domestic Refining Capacity.
- Streamline the permitting process for upgrading and building new refineries
- Repeal the Renewable Fuel Standard
3) Improve Process to Develop Energy Infrastructure.
- Approve and allow private sector to build the Keystone pipeline
- Remove barriers to developing and approving additional national pipelines and cross-border energy infrastructure
4) Stop EPA Overreach and the War on Coal.
- Exclude greenhouse gases from regulation by EPA and other federal agencies
- Stop certain EPA regulations that will adversely impact coal and electric power plants
5) Force Congress and the President to Vote on EPA Regulations that Kill Jobs.
- Require both Congress and the President to approve any EPA regulation that has a negative job impact
- Support passage of the REINS Act, separate piece of legislation not included in this bill, which would require congressional approval of all major rules and regulations
II. Expand Energy Development So More Private Sector Jobs Can Be Created (6-9)
6) Broaden Energy Development on Federal Land.
- Increase energy development on federal land
- Provide states the option of leasing, permitting and regulating energy resources on federal lands within their borders; or
- If states do not wish to manage energy development on federal lands within their borders, the federal leasing, permitting and regulating will be reformed to increase energy development by:
- Streamlining permitting for development on federal lands
- Improving certainty in the leasing and development process
- Expanding development of energy on federal lands
- Expand energy development in National Petroleum Reserve in Alaska
- Expand energy development on Indian lands
- Open up the Coastal Plain of Alaska (ANWR) for development
7) Open Offshore Exploration.
- Expand the offshore areas of the Outer Continental Shelf available for development
- Streamline the permitting process for additional offshore exploration
8) Expand U.S. Energy Exports.
- Expand LNG exports by facilitating permits
- End the crude oil export ban
- Prevent excessively broad environmental review of coal export terminals
9) Dedicate Additional Revenues to a Trust Fund for Debt Reduction
- Direct all additional revenues generated by exploration and drilling on federal lands (excluding the share allocated to the states) exclusively to national debt reduction—“Debt Freedom Fund.”
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