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Are lawmakers pursuing a "fundamentally misguided" goal when it comes to U.S. energy security? That's the concern voiced by a group of retired military officers and business leaders in a recent report warning that strategies focused on reducing imports of "foreign oil" are missing "the true nature of the problem." This spring, when average U.S. gasoline prices jumped 70 cents, the news media had an opportunity to clarify which policies and candidates actually stand to improve energy security. On the whole, they failed.
The report from the Energy Security Leadership Council (ESLC) says the notion of "energy independence" is "widely misunderstood" in a way that "misdiagnoses the problem as one characterized largely by import levels," when in fact "energy security is almost entirely a function of the importance of oil consumption in the domestic economy." In other words, it's how much oil we need that makes us vulnerable, not where the oil is produced.
After all, countries like Canada and Norway, which have long been net oil exporters, saw the same debilitating price volatility that Americans have faced in recent years. The report, echoed by a subsequent analysis from the nonpartisan Congressional Budget Office, says expanded domestic oil production benefits the trade deficit and employment, but not energy security -- contrary to the claims of industry, politicians, and commentators. Instead, it is vehicle fuel economy standards that the panel identified as "the most important energy security accomplishment in decades."
CONNECTING THE DOTS
While experts agree that policies reducing oil consumption do more to protect Americans from price shocks than policies increasing oil production, this fact has not been clearly communicated by the news media. Our analysis of news coverage of rising gasoline prices earlier this year found that only 2% of broadcast coverage, 4% of cable coverage, and 13% of print coverage mentioned fuel economy standards. Out of 69 print items on gas prices, only three acknowledged that reducing oil consumption is the most effective solution. Instead, the coverage often discussed domestic oil production or the Keystone XL pipeline. There are persuasive arguments in favor of both of these, but energy security and gas prices are not among them. (Unfortunately, energy security and gas prices are two of the arguments used most frequently by proponents and relayed uncritically by reporters.)