Statement of Congressman John D. Dingell, Ranking Member
Committee on Energy and Commerce

SUBCOMMITTEE ON ENERGY AND AIR QUALITY
HEARING ON “EIA’S REPORT ON SHORT-TERM ENERGY OUTLOOK AND WINTER FUELS OUTLOOK”

October 19, 2005

Mr. Chairman, I share your concerns about the anticipated high prices consumers are likely to face this winter for heating their homes. Skyrocketing energy costs are also burdening businesses, an effect that could ripple throughout our entire economy.

As a general matter, any benefit to be derived from the comprehensive energy bill enacted last summer will not be felt for a number of years. For now, the Federal Government must deploy the tools it has immediately at hand. When energy supplies are severely interrupted, as in the case of post-hurricane fuel shortages, we can use the Strategic Petroleum Reserve to dampen the effects of crude oil shortfalls. Similarly, the Northeast Home Heating Oil Reserve can be deployed when prices are increasing rapidly. And the Low-Income Home Energy Assistance and Weatherization programs can help blunt the effect of high fuel prices on the most vulnerable of our citizens.

Two weeks ago, the House passed an ill-advised bill purporting to address recent fuel price spikes caused by Hurricanes Katrina and Rita. Unfortunately, the schedule set by House leadership did not permit this Subcommittee to hold legislative hearings that might have helped Members determine whether the bill could accomplish its stated goals. Perhaps this and future hearings will shed light on whether any of that bill’s provisions will actually help consumers.

While there are some steps consumers can take right now to conserve energy in their homes – and it is important for this Subcommittee to publicize the need to do so – we must build the necessary record to make informed judgments as to whether any additional legislative action is warranted. Our current energy problems were years in the making and we should avoid the siren song of quick fixes.

I thank Mr. Caruso for his testimony today, and for continuing the Energy Information Administration’s longstanding practice of providing us with unvarnished, accurate information on energy trends.

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(Contact: Jodi Seth, 202-225-3641)