Due to the lack of a comprehensive U.S. energy policy, consumers and industry alike are bearing the brunt of spiraling energy costs.  We have suffered under a default policy that has driven up demand while constraining supply.  There is no single silver bullet solution to this problem.  We need a comprehensive bipartisan commitment to increase energy efficiency and conservation, promote renewable and alternative energy sources, increase domestic supply, adopt an environmentally effective and economically sustainable climate change strategy, and improve the transparency of our energy markets. Here are a few facts that help shed light on our country’s energy situation and the impact of high energy prices on the U.S. economy:

• According to the Department of the Interior, Minerals Management Service, there are 86 billion barrels of oil and 420 trillion cubic feet of natural gas located along our nation’s Outer Continental Shelf (OCS) – the equivalent of 35 years of imported oil from OPEC and an 18-year supply of natural gas.
• According to the International Energy Agency, world oil demand in 1Q08 was 86.6 million bbl/day while world oil supply was 87 million bbl/day. There is virtually no cushion.
• Due to a moratorium imposed by Congress, today over 85 percent of our Outer Continental Shelf is off limits to supply and development.
• Due to high energy prices, on average the U.S. taxpayer has to pay $4,500 a year to meet their energy demand. That's double what it was just a decade ago.
• Since 1990, U.S. natural gas prices have risen 460 percent, resulting in a net loss of 120,000 well-paying chemical industry jobs.
• Estimates show that the U.S. has lost more than 3 million jobs in just the manufacturing sector alone due to rising natural gas costs.
• As a result of skyrocketing natural gas prices, the chemical industry has gone from a $19 billion trade surplus to becoming a net importer of chemicals in the last 10 years.
• Every $1 increase in the price of natural gas costs the U.S. chemical industry $3.7 billion.

If the entire U.S. economy was to achieve a goal of reducing its energy intensity by 25 % from 2005-2015, we could save the oil equivalent of 100% of our imports from the Persian Gulf.