This week Sen. Ted Cruz (R-TX) introduced the American Energy Renaissance Act (AERA), a plan to create new jobs and opportunities by harnessing our nation’s energy resources.  Speaking at the Heritage Action for America’s 2014 Conservative Policy Summit, Sen. Cruz stated that:

“The government will not solve our economic problems by controlling the economy or placing bureaucratic barriers to growth. The only thing that it must do is what it did in the Ronald Reagan era: get out of our way and let Americans do what they do best: dream, innovate, and prosper.”

Five key measures for economic growth in the American Energy Renaissance Act are: (1) passage of the REINS Act; (2) Empowering the states to regulate energy development; (3) Stopping the EPA’s regulatory overreach and the War on Coal; (4) Improving domestic energy prosperity and security; and (5) Reducing the national deficit. Specific measures under AERA are outlined below:

  1. REINS Act
    • The REINS Act is proposed legislation that would require Congress and the President to vote on any EPA regulation that will have a negative impact on jobs.
    • The REINS Act would allow for an open discussion on the potential impact on jobs of proposed EPA regulations prior to passage.
  2. Empowering the states to regulate energy production
    • Each state would be empowered to regulate and benefit from its own hydraulic fracturing – as opposed to the Federal government restricting a state’s ability to control its own resources and the resulting benefits.
    • Provide states the option of leasing, permitting and regulating energy resources on federal lands within their borders.
  3. Rein in out of control EPA
    • Exclude greenhouse gases from regulation by the EPA and other federal agencies
    • Repeal of the Renewable Fuel Standard
  4. Improving Domestic Energy Prosperity and Independence
    • Streamline the permitting process for upgrading and building new refineries
    • Approve and allow the private sector to build the Keystone pipeline
    • Remove barriers to developing and approving national pipelines and cross-border energy infrastructure
    • Increase energy development on federal land
    • Expand LNG exports by facilitating permits, ending the crude oil export ban, and preventing excessively broad environmental review of coal export terminals
  5. Reducing the national deficit
    • Creation of the “Debt Freedom Fund” – which would direct all additional revenues generated by exploration and drilling on federal lands (excluding the share allocated to the states) exclusively to national debt reduction

The AERA would not only create jobs, enhance American energy independence, reduce trade barriers, but would allow America to reach its full energy potential.  In stark contrast, the President and the EPA have consistently killed jobs through onerous EPA regulations and their continued opposition to the Keystone XL pipeline. Federal overregulation of the economy has stifled America’s quest for domestic energy independence by unnecessarily locking up key energy reserves.

Sen. Cruz’s American Renaissance Act would breathe new life into America’s economy and begin to undue the failed energy policies of the Obama Administration and the EPA.

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