We need to repeal the $18 billion dollar ethanol subsidies. One quarter of American corn is turned into fuel. Fuel and food prices are now linked in the form of biofuels and have wreaked havoc on the world’s food markets and people are going hungry. The World Bank estimates the amount of corn needed to fill one SUV’s tank with biofuel is enough to feed 1 person for an entire year.
We need to boost supply and enhance productivity. The US is the only oil producing country which restricts development of a substantial amount of its energy production. We need to encourage environmentally responsible exploration of domestic energy supplies; limit red tape on domestic refineries, encourage alternative energy such as nuclear power and natural gas.
These programs will take time. What we can do immediately to affect the price of fuel is to change demand. The quickest, easiest and cheapest way to lower energy prices is by conserving energy. It is common sense to maximize the energy efficiencies of our industries and cars.