There is virtually unanimous agreement that America needs a sound and balanced energy policy, and that recent discoveries of shale gas present a historic opportunity to strengthen the economy, increase national competitiveness and create jobs. But that is where the agreement ends.

A vigorous debate is under way. On one side are consumers and manufacturers—including The Dow Chemical Company, which I lead—who want to maximize America's new competitive advantage by adopting a measured approach to natural-gas policy. On the other...