I believe that the time is long overdue for the United States to take the lead on energy efficiency and renewable energy technology. That is why I helped advance the Energy Independence and Security Act, H.R. 6, and the Renewable Energy and Conservation Tax Act of 2008, H.R. 5351. Together, these bills will reduce America’s dependence on foreign oil, lower energy costs, create new green jobs, and help address global climate change.

Specifically, H.R. 6 will raise the fuel efficiency standards for cars and light trucks to 35 mpg by 2020, a 40% increase over current standards. While the bill raises overall standards, it maintains a separation that I fought for between cars and light trucks.

In an effort to wean the country off of foreign oil, this legislation will also require 36 billion gallons of American biofuels be blended with convention fuels by 2020, a five-fold increase over the current standard. While it is important to invest in alternative forms of fuel, I’m also concerned about the effects of the ethanol boom on our economy, environment, and rural communities. As we pursue renewable energy technologies, I plan to take steps to help ensure we are doing so responsibly and sustainably, without creating other serious problems.

H.R. 5351 will provide important incentives for developing and using renewable energy, as well as for energy efficient homes, buildings, and appliances. Instead of adding to our national deficit, these incentives are paid for by repealing $18 billion in tax giveaways to the Big Oil companies that are pulling in record profits.

High Gas Prices

I am also very concerned about the impact high gas prices are having on small businesses, manufacturers, and family budgets. I believe that as a country we need to take a comprehensive approach to reduce gas prices, end our dependence on foreign oil, and strengthen the economy.

In Congress, I have backed a number of bills that address this problem. Specifically, I supported:

• Raising vehicle fuel efficiency standards (H.R. 6);
• Allowing the Justice Department to take legal action against OPEC state-controlled entities that conspire to limit the supply or fix the price of oil (H.R. 2264); and
• Giving the Federal Trade Commission the authority to investigate and punish companies that artificially inflate the price of energy (H.R. 1252).

Finally, I recently called on President Bush to temporarily cease purchases of oil for the Strategic Petroleum Reserve (SPR). The SPR is the nation’s emergency oil stockpile, created in 1975 after oil supplies were cut off during the 1973-74 oil embargo. The SPR is currently 95 percent full. Despite record-high oil prices, the Bush Administration has continued to fill the SPR, diverting 70,000 gallons oil from the market every day and pushing up oil costs. Temporarily ceasing new purchases of crude oil for the SPR could drive down oil prices by as much as $6 per barrel, or $.25 per gallon of gas, according to a noted petroleum economist. Further, selling the oil on the market instead of putting it in the SPR would raise $6 million a day for the federal government, or more than $1 billion over the next six months.

I hope you find this information helpful. If you should have further comments or questions, please contact me.