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On the Issues
Energy
The United States will continue to rely on fossil fuel in the short term, but we should carefully weigh the marginal benefit of developing new domestic fossil fuel sources against the associated costs to public health and the environment.
Over the long run, we simply must reduce our dependence on oil – whether from foreign or domestic sources. The goal of federal policy must be to promote the use of renewable and other alternative energy technologies and improve the efficiency of our energy use.
In December 2007, Congress took a significant step forward by approving the Energy Independence and Security Act, which mandated long overdue improvements in fuel economy standards for vehicles. This change alone will reduce oil consumption by 1.1 million gallons per day in 2020 and lead to a reduction in greenhouse gases equivalent to taking 28 million cars and trucks off the road. The bill also strengthened energy efficiency standards for appliances and “green building,” and it boosted federal research on renewable and alternative energy technologies.
I supported including renewable electricity standards, which would have required power companies to provide 15 percent of their power from renewable energy sources by 2020. But President Bush and Congressional Republicans blocked this effort. I remain hopeful that we can revisit this issue in the new Congress.
I also support legislation that would reverse tax cuts for oil companies in order to invest in renewable and alternative energy, without increasing the budget deficit.
Congress also took a step forward by encouraging individuals to use renewable energy and energy efficiency in their homes when it passed the Emergency Economic Stabilization Act of 2008 (P.L. 110-343). To learn more about the tax credits covered by the bill, please visit http://www.energy.gov/taxbreaks.htm. You can also find more detailed information on specific energy tax incentives at http://www.energystar.gov/index.cfm?c=products.pr_tax_credits.
Related Information
Climate Change
Energy Information Administration (fuel price and supply/demand forecasts)
CRS Report: Gasoline Prices and Federal Legislation
CRS Report: Oil and Gas Subsidies
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