This is quite different from many of the programs being considered to resolve the current crisis, which include spending more federal dollars to help the needy pay their home heating bills. This may be necessary, but it is a Band-Aid that we will be forced to apply again and again if we don't seize this opportunity to develop a cure. There has been much discussion about releasing oil from the Strategic Petroleum Reserve to help bring prices down. The sentiment is understandable, but such a proposal would get the federal government into the business of manipulating markets through direct supply distortions. Further, SPR access is restricted by law for a national security emergency, when dependence on foreign sources could endanger our very way of life.
Present law encourages technological research and development through tax credits for innovation.
Present law encourages home ownership through mortgage interest deduction. Future law can encourage energy independence if we are bold enough to seize this moment and pass the U.S. Energy Economic Growth Act.