A recent Hickory Daily Record editorial echoes a common refrain among some Washington politicians.  Their thesis is this, “…drilling assuredly will lower expectations for alternative energy sources…”

What they really mean is, “skyrocketing gas prices are a good thing because they force people to buy into our environmental political agenda.”

Those who promote that cynical approach must account for the pain their “solutions” are causing to family budgets.

As families prepare for the summer vacation driving season while gas prices skyrocket to $4 a gallon, it’s painfully clear that Washington must get its act together, quit playing politics, and deliver a comprehensive solution to our energy crisis.

There is no “silver bullet” to lower the price of gas.  This is a complex problem that demands serious changes to our broken energy policy.

The first step to finding a solution for any problem is determining what caused it.  

Prices at the pump are driven by three fundamental factors: the price of crude oil, the cost of refining crude oil, and taxes.

To lower prices at the pump, we need to address all three.

The quickest way to lower prices is to provide tax relief.

The federal government charges 18.4 cents for every gallon of gas you purchase.  North Carolina adds another 30.2 cents, bringing the total tax burden to 48.6 cents per gallon.

I support a moratorium on this unfair tax to give families a break during the summer driving season.

But lowering gas taxes is little more than a short term patch.

When international oil speculators set the price per barrel, their basic focus is the relationship between supply and demand.

Over the last two decades, the booming economies of China and India have driven up demand for oil significantly.  That increase in global demand has not been met with an equivalent increase in supply.

Since the price of crude oil accounts for roughly 70% of what we pay at the pump, any serious solution for lowering gas prices must address the relationship between supply and demand.

Conservation is a sign of personal virtue, but we cannot conserve our way to American energy independence.

That means we must make better use of American oil.

The United States has at least an estimated 112 billion barrels of untapped crude oil in domestic deposits – enough to power 60 million cars for 60 years.

It is embarrassing to watch President Bush beg the Saudis for more oil when outdated policies prohibit our access to more than 112 billion barrels of oil.

In addition to increasing supply, we must simplify and streamline regulations on building domestic oil refineries.  

Petroleum doesn’t come out of the ground ready to go into your tank.  First, it has to be refined.  Currently, 28% of our useable gasoline is refined outside of the United States, increasing our trade deficit and sending valuable jobs overseas.

Unfortunately, the United States hasn’t built a new refinery since the 1970’s.  With more refineries online, we could refine petroleum more cheaply, reducing prices at the pump.

Over the long haul, we must eliminate our dependence on foreign oil entirely.  To do this, I believe we should pursue a 21st century Manhattan Project to find alternative sources of energy.

That’s why I introduced the Independence Prize legislation to harness the power of American innovation and ingenuity to deliver solutions for America’s energy needs.

My plan creates a $1 billion award for any American individual or company that develops a workable solution to end our dependence on foreign oil.  It could be ethanol, battery power, oil shale, hydrogen, or something we’ve never even considered before.

One day, we will end our dependence on foreign oil and power our economy with alternative sources of energy.  I am working hard to move us in that direction.  

But until that day comes, we must do everything we can to strengthen our economy by making energy affordable.