- Republicans and Democrats both have misconceptions about the energy sector, with the former often downplaying climate change and the latter misunderstanding oil industry operations.
- Oil prices are determined by global supply and demand, not by individual oil companies; thus, claims of oil companies causing inflation or gouging prices are misplaced.
- Implementing policies like windfall profits taxes on oil companies doesn’t address the root issues of supply and demand, and it’s essential for policymakers to have a comprehensive understanding of the energy sector for effective governance.
Good energy policy starts with a good understanding of energy issues. But both major political parties have glaring blind spots when it comes to understanding the energy sector.