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U.S. Secretary of the Interior Doug Burgum is taking America's dependence on other nations for resources seriously. Last week, according to CNBC.com, he outlined some of the options the White House is considering to promote domestic mining.
One option under consideration is the creation of a sovereign wealth fund to channel resources to industries mining and developing critical minerals in the United States. The White House and its Republican colleagues in the Senate and House of Representatives, thankfully, have already signaled a willingness to streamline and simplify permitting processes that hinder mining, drilling and other developments.
Burgum also suggested the U.S. could establish strategic stockpiles of critical minerals, operating much like the strategic petroleum reserve.
"We have to get back in the game," Burgum said, according to CNBC. "It's not just drill, baby, drill. It's mine, baby, mine. If we don't do that as a country, we will not be successful. We will literally be at the mercy of others that are controlling our supply chains."
We believe Burgum is correct to prioritize a greater level of independence in the sector of minerals and resources. Domestic production of minerals also offer the added benefit of creating jobs in the U.S. As we have editorialized before, creating as many family-supporting jobs as we can will do more for replenishing and expanding the American middle class than any wage mandates, price controls or assistance programs.
We hope the White House is successful in drafting a plan to promote new jobs and opportunities in mining in the U.S., and we hope thoughtful legislators from the right, middle and left can build upon that plan to promote domestic industries that offer American workers better pay and benefits. We believe it is the best course America has to a prosperous future.