Independence key to America’s prosperity

July is a special month for many Americans.

Most of us will eagerly take a break from our busy summer schedules to once again celebrate Independence Day. There will be much fanfare with fireworks, parades, picnics and other patriotic events celebrating our country’s independence from Britain in 1776.

But when the festivities have ended, only a few will have reflected upon the true meaning of independence and the role it has played in shaping our nation’s character.

Our founding fathers made it clear in the Declaration of Independence that all men were entitled to certain unalienable rights. Among those rights are life, liberty and the pursuit of happiness. It is easy to take for granted those rights and freedoms we share as Americans.

However, it is important that we understand and appreciate the hard work and sacrifice that our forefathers made in order for us to enjoy the luxury of freedom. Freedom and independence are cornerstones in the foundation of our country’s heritage.

The independent ideology of the American people is a fundamental element of our society and a key to our nation’s prosperity. We must protect that independence at all cost.

One important freedom we must protect is our free enterprise system. American business, and certainly the oil and gas industry, was founded upon the ideology of independence and free-market principles. Those principles allow business to be governed by the laws of supply and demand without government interference and excessive regulation.

The dynamic free market has led to innovation and wealth creation and has established an economic environment where hard work is rewarded.

But now, amid economic turmoil, it seems free-market capitalism and independence are under attack. Government’s heavy-handed intervention into businesses and industries is unprecedented.

It is alarmingly obvious that the increased governmental control is a drag on the economy. Where will it stop?

The oil and gas industry seems to always be in the cross-hairs of government. Even when our industry is on its knees due to low prices in the oil and natural gas market, we are constantly battling excessive environmental regulation, drilling restrictions and crippling tax proposals to fund politically expedient – yet questionably viable – federal energy policy initiatives.

Increasing taxes and regulations results in fewer jobs because businesses spend their resources on tax burdens and regulatory compliance instead of job creation. When tax expenditures and regulatory costs increase more than the real economy, the results are destructive to economic growth.

The wrong governmental policy framework generates wrong policy, and that is what we are seeing in Washington. We are not likely to see significant economic growth until we see change in basic policy.

A new administration could give our economy a quick and substantial boost by encouraging – rather than blocking – the development of America’s vast energy resources. It also could help by stopping the propagation of endless regulations that burden business and impose needless costs, which make all of us poorer.

In his 1946 Independence Day speech, John F. Kennedy said, “Eternal vigilance is the price of liberty.” Those words were never so true.

Being mindful of the erosion of our independence and free-market system through excessive regulation and government interference cannot be over-emphasized. We must, now more than ever, remain steadfast in our resolve to protect and preserve the precious independence that has molded our nation’s character.

This story was originally published June 29, 2016 at 1:49 PM with the headline "Independence key to America’s prosperity."