February 1, 2010

How Myths Distort Energy Policy

Thomas Tanton

Fact: Increased Oil Production Can Have Green Results

Meanwhile, it is not a myth that expanding domestic oil production would reduce imports and even help improve the environment. Less than 1% of all oil found in the North American marine environment comes from offshore oil and gas development. According to the National Academy of Sciences, 60% of oil in the marine environment is the result of natural oil seepage through the ocean floor. In many places, it is even higher.

For example, all of the tar on the beaches of Santa Barbara is from natural oil seeps. Reducing oil reservoir pressure through extraction of petroleum will decrease oil pollution from natural seepage. New drilling technology, developed by private energy companies, has greatly reduced the risk of oil spills.

Seeking an Energy Policy Based on Reality

"It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so." That adage, attributed to Mark Twain, applies in particular to energy. Energy myths have consequences their advocates prefer to ignore. Policy based on myths could easily curtail our energy supply, drive up prices, and even increase pollution, all without an increase in energy security.

On the other hand, a common-sense energy policy based on facts stands the best chance of increasing our supply, lowering prices, trimming emissions, and boosting our overall energy security. If that is indeed their goal, policy makers, the media, and the public should reject energy myths and stick to the path of reality. That way alone leads to energy abundance and security for America.

—Thomas Tanton (ttanton@fastkat.com) is president of T² & Associates. He also is the author of the report "Top Ten Energy Myths," which is available from the Pacific Research Institute, where he serves as a senior fellow in energy studies.