Emergency Energy Summit:  Seeking a New Approach

Skyrocketing gas prices are causing severe hardship for families, communities, and small businesses in Nebraska and across the nation.  There seems to be no end in sight.  Just this week the price of oil shot up to $120 a barrel, partially due to political unrest in the oil-producing nation of Nigeria.  Ironically, retail gas prices went down a penny.  Analysts are split on their predictions for the future cost of a barrel of oil.  Estimates range from $40 to $200 within two years.  What is certain is that we are seeing fluctuations of a very uncertain market.

What should be done?

This pressing situation prompted me to request that the President and leaders in Congress convene an emergency energy summit to examine the causes behind the rising cost of petroleum and gasoline, and explore possible short- and long-term solutions.

I believe the urgency of the circumstances warrants a new bipartisan approach between the Congress and Administration, experts, analysts, and business leaders to address this burgeoning problem.  This collaborative effort would fully analyze and understand the effects of commodity speculation and other potential factors: rising demand, supply restrictions, inflation, falling value of the dollar, boutique fuels, expansion of sustainable alternative sources, geopolitical instability, OPEC, and the Strategic Petroleum Reserve.

The significant economic dislocations from high prices demand a coordinated government response.  And new thinking.  Short-term relief should bridge to long-term solutions focusing on conservation, innovation, moving new technologies to market, environmental sustainability, and a portfolio of diversified energy sources to secure our nation’s energy future.

Sincerely,