During the election cycle, you're likely to hear about energy independence a great deal. With gas prices rising and home heating oil costs following suit, it makes sense that this would be a popular topic.
But, according to a new report released by Deloitte titled "Energy independence and security: A reality check," the best thing the United States and its elected officials can do right now is focus on technology.
"While rising global demand for oil will likely keep crude prices relatively high, it also will provide a continuing stimulus for increased domestic production,” says the report. "Moreover, the introduction of increasingly sophisticated enabling technologies worldwide may herald the introduction of new countries as oil suppliers, and increase potential supplies from existing friendly sources."
As the study points out, there are three significant areas where renewed focus could lead to better energy independence and security for the U.S. – more efficient automobiles, improved technology for domestic oil and gas production and emphasis on innovative alternative energy sources.
Let's start with automobiles. More efficient engines along with the development of new electric cars can reduce our consumption of petroleum products while simultaneously lowering harmful emissions. Technologies like those used in state-of-the-art bonding of battery terminals are exactly the kind of thing that makes this possible.
To improve domestic oil and gas production capabilities and ensure job site safety for all workers, high performance pressure and temperature sensors are needed.
Lastly, alternative energy technologies that allow us to harness wind, solar and ocean wave power will plant the seeds for industry growth, job creation and a cleaner environment.
By investing in these cutting-edge manufacturing processes, we can build more efficient equipment that will increase productivity while reducing dependence on foreign energy sources.