Issues
ENERGY COSTS:
Americans will be freer and stronger when we break our dependence on foreign oil. Today, we consume 2.5 million barrels of oil per day from the Middle East, where instability has pushed prices to record highs. These soaring energy costs are burdening middle-class families with higher gas prices, and our dependence on Middle East oil is putting our national security at risk.
America will be safer and freer when the resources that fuel our economy are in our own hands, when we develop new energy sources right here in America.
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Families in Massachusetts and around the country are suffering from record prices at the pump. In addition, the price of home heating oil is rising by the day, with no end in sight. I have introduced legislation that would provide assistance to small businesses facing energy emergencies. In addition, I have cosponsored legislation that would require the release of heating oil from the Northeast Home Heating Oil Reserve if prices rise above $4/gallon and would increase funding for low-income housing energy assistance programs.
Ultimately, we need to reorient our national energy policy to reduce our dependence on oil and other fossil fuels, and provide incentives for clean energy technologies and industries. The 2007 Energy Independence and Security Act (P.L. 110-140) took important steps by raising the fuel economy of our cars and trucks for the first time in thirty years � a policy I have championed for almost a decade. The energy bill also included critical policies to improve the efficiency of our appliances, homes and office buildings.
We need to encourage conservation and investment in renewable sources of energy. For these reasons, I have cosponsored legislation which would provide tax incentives for the production of renewable fuels, energy efficient automobiles, and energy efficient appliances. We also need to end tax breaks for large oil companies that are having record profits. These companies do not need tax relief. I have introduced legislation that would repeal these unnecessary tax breaks. Our tax dollars would be better spent on provisions that incentivize renewable energy and encourage investment.
The Senate has also undertaken significant efforts to address global climate change, one of the defining challenges of our time. Senator Snowe and I introduced bipartisan legislation to establish an economy-wide cap and trade program to reverse carbon dioxide emissions starting in 2010�and which mandates a 65% cut in emissions by 2050. Our plan uses tax incentives and increased research funding to protect affected workers, communities, companies, and consumers from energy cost shocks. I have also introduced legislation to restructure and strengthen our nation�s climate change research program, which will ensure that our communities have the information they need about the localized impacts of climate change.
I will continue to work to reduce America's dependence on foreign oil, create good jobs and protect our environment; including the preservation of the Arctic National Wildlife Refuge. I will strongly support energy policy reform, renewable energy and energy efficiency, and will oppose business-as-usual proposals from the Republican leadership.
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