Innovation and Efficiency I fully support research and development into clean sources of domestic energy and efforts to increase conservation, which is why I made them a big part of the Energy Policy Act of 2005. That bill provided incentives for clean coal and nuclear technologies as well as renewable energies such as biomass, wind, solar and hydroelectricity. It established efficiency requirements for federal buildings and efficiency standards and product labeling for battery chargers, commercial refrigerators, freezers, unit heaters and other household products. Because many of the new technologies that we are moving toward won’t be ready for years, it is essential that we utilize the sources of energy we have at our disposal. Today, you simply can’t go to the car dealership and purchase a hydrogen car for your family. And while E-85 as a fuel source is growing, the energy needed to process corn into ethanol is primarily derived from natural gas in the U.S. We are moving toward exciting new technologies but until they are commercially viable, our economy will continue to need traditional sources of energy.
Diverse Supply Means Stability EPACT 2005 also encouraged more domestic production of energy from traditional sources. Fuel mixes naturally vary by region in our country. What works in one state, may not be best for another, and mandating percentages that states have to use will lead to shortages and high prices for residents. In Texas, we are blessed with oil and gas, as well as coal. We have some power coming from nuclear plants, and some from wind turbines on the plains of West Texas. Biomass, derived from plant material, vegetation, or solid waste and used as a fuel or energy source, is also of growing interest in our agricultural areas. It benefits all of us as consumers to have a variety of options to choose from for power production. Too much dependence on natural gas for example, seen as being a cleaner-burning fuel, has raised prices dramatically over the last several years. Not expanding the supply of natural gas in the U.S., and instead relying more heavily on unstable parts of the world for it is also dangerous. In Texas, we have benefited from the Barnett Shale play, but many of our resources at the federal level remained closed to production.
Exploring Domestic Sources Petroleum is the source of 40% of our nation’s energy. Relying on unstable Middle Eastern sources of oil when we have a vast supply sitting untouched within our borders is downright irresponsible. Even with energy efficiency, the United States needs more energy supply. We must grow our economy and that requires energy. Without adequate supplies of natural gas, manufacturing will move offshore, taking with it good American jobs. Many new technologies will not be ready for years. In the meantime, we need to use our domestic supplies of energy to ensure our access to energy and economic security. More supply, in conjunction with the efficient use of energy, will help to lower prices for consumers and preserve American jobs.
While we continue to rely on foreign countries to provide 60% of our oil needs, up to 16 billion barrels of oil lie waiting in a 2,000 acre patch of land in Alaska (part of the 19-million-acre patch of land known as ANWR). That’s enough oil to offset all Saudi imports for the next 30 years. Estimates also show that U.S. oil shale reserves contain enough energy to supply our oil needs for 228 years. That is more oil than the entire world has used since oil was first discovered, and is more than twice as much oil as all the OPEC countries hold combined. It is time we take advantage of this valuable resource sitting right here within our borders.
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