Daily Journal
Published: June 25, 2008
By: Congressman Gresham Barrett
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It doesn’t take a nuclear scientist to figure out the biggest issue affecting Main Street today is gas prices. The skyrocketing cost of oil is impacting every aspect of our daily lives. From the time you get up in the morning to the time you go to sleep, Americans are paying for 30 years of no energy policy. And the cost is high.

Right now America has an energy portfolio that is critically out of balance. While our dependence on oil increases, and supply decreases, we have failed to address how we can bring sanity back into the process and bridge where we are today versus where we want to be in the future.

With world energy demand drastically escalating, we will be forced to compete and pay increasing amounts for imported sources. In addition to exposing the country to elevated costs, a high reliance on foreign oil leaves the United States’ energy expenditures susceptible to spikes associated with political unrest, natural disaster, and the growing energy needs of competing nations such as China.

The result is we are paying the highest energy costs this country has ever seen. We see the effects walking down any Main Street. The economy has slowed and families are coping with increased food and clothing prices and decreasing home values. It is estimated that rural Americans will pay over well $2,000 on gasoline this year alone, adding to the already high cost of living. Our businesses and manufacturers are also bearing the brunt of elevated costs. American truckers are now spending $1,200 to fill up a tank that cost half as much as it did a couple of years ago.

Fortunately, in the U.S., we possess the necessary resources to bring our energy costs down. At this moment in history, we can balance our energy portfolio, strengthen our economy, and increase our security and energy independence. I have been working with Representative Steve Buyer for months and we, along with other members, introduced H.R. 6001, the Main Street USA Energy Security Act of 2008. By putting forth a comprehensive energy plan that bridges the gap between our needs today and in the future, it recognizes that energy security and independence go hand in hand.

The Main Street Energy Act will help to increase domestic refining capacities and streamline the refinery permit process. No new refinery has been built in the United States in 30 years. In that time, demand for refined product has significantly increased, resulting in U.S. importing 12 percent of our gasoline from foreign sources.

The Main Street Enery Act will address the country’s growing need for oil and natural gas. It authorizes the Department of Interior to grant leases for oil and natural gas exploration. Scientists project the Alaskan Arctic National Wildlife Refuge (ANWR) may hold up to 21 billion barrels of oil, and the Outer Continental Shelf is predicted to contain over 86 billion barrels. At the rate the United States currently imports (around 4.5 billion barrels of oil a year), these untapped reserves represent over 20 years of importing oil from foreign countries.

The Main Street Energy Act supports coal to liquid technology which enables the production of transportation fuels from coal and will continue to propel nuclear Energy forward. The legislation assists nuclear plants in receiving loan guarantees originally outlined in the Energy Policy Act of 2005, expand the domestic manufacturing base, and increase the nuclear workforce by supporting education and training programs.

Finally, this plan, the Main Street Energy Act, supports renewable energy tax credits, research and development in biomass, and ethanol technologies and it gives incentives to renewable energy projects such as wind, solar and geothermal.

Lastly, we have come to realize that petroleum is our energy of the past. One day, we will read about it in books and will wonder how and why we used it for so long. Until then – it gives us a bridge to get us to our new energy resources. One that will not cost $5, $6, or $7 a gallon. Even though we are 30 years behind on an action plan -the future is closer than you think.