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We can increase production this year simply by streamlining the permitting process for federal lands and waters. The Keystone XL pipeline could bring Gulf Coast refineries up to 830,000 barrels of Canadian oil every day by next year if the president would green-light the project.

The energy market can work for consumers as well as producers, but only if Washington lets it work. Oil companies would increase production, and consumers would buy the most fuel-efficient vehicles that fit their needs and pocketbooks. If the price of gasoline continues to rise, it will make alternative technologies all the more economically competitive. But policies that restrict oil exploration, refining and production should not artificially drive that price higher.

Nicolas Loris is the Herbert and Joyce Morgan Senior Research Fellow at the Heritage Foundation (heritage.org).