We're dependent on foreign countries to provide over 63-percent of the oil we consume, and the demand created by new economies will only increase prices. This is why we need to explore domestic sources of energy to reduce energy prices, improve the environment, and stop sending American dollars to foreign countries.
Investing in Ohio's Renewable Energy Sources
A key step in lowering energy costs is to diminish our need for foreign oil and move toward a long-term, sustainable and affordable energy policy. As a member of the Science and Technology Committee, I support developing our domestic energy sources. Our region is blessed with an abundance of coal and a skilled workforce that understands energy issues.
In 2007, I was proud to announce last month the building of a new plant in Wellsville that will convert coal to a liquid fuel that can be used in vehicles and jet aircraft. This plant, which is being built by Baard Energy company, will employ 200 people full time, create roughly 750 mining jobs and require about 2000 construction workers to complete. This plant will also be an environmental pioneer. It will capture about 85-percent of the carbon dioxide generated, which is better for our environment.
That is why I cosponsored HR 370 - the Coal to Liquid Fuel Promotion Act. This bill makes loan guarantees to plants that produce coal-based fuels and would also allow the United States Air Force to enter into contracts with coal-to-liquid suppliers to provide their jet fuel.
I'm very optimistic about the future of Eastern Ohio. We have always been the power-generating heart of the United States, and I firmly believe that we will continue to be far into the future. The Ohio River is what brought us here, and I believe the river will bring us back. I believe the river can become an energy corridor that will play a vital role in the economic health of both our region and the nation.
For more about my work on energy, click here.
Gas Prices
Since 2001, the price of a gallon of regular gasoline in Ohio has risen more than 130-percent; and squeezing working families, businesses and our economy. This trend is clearly unsustainable.
There is no magic bullet. Bringing gas prices down will involve a series of steps. That is why I co-sponsored the Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act (HR 5473). This legislation, which was signed into law, stops the administration from diverting oil to the Strategic Petroleum Reserve (SPR) and moves that fuel to the market which will increase our domestice supply. In addition, I've supported two other bills aimed at bringing relief at the pump. The first, H.R. 2264, the No Oil Producing and Exporting Cartels Act of 2007, stops oil companies from cheating consumers by authorizing the Justice Department to take legal action against OPEC-controlled entities that conspire to limit the supply or fix the price of oil. The second bill, the Federal Price Gouging Prevention Act (H.R. 1252), would give the Federal Trade Commission the authority to investigate and punish companies that artificially inflate the price of gasoline.
For more infomation on my efforts to lower gas prices, click here.
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