Q: Is anything being done to address the record high price of gas?
A: With the price of gas hovering at $2.25 a gallon as the summer driving season is just getting started, the high price of fuel is a concern to almost everyone. Congress has spent the last four years working towards a comprehensive national energy policy that would give our country an overarching strategy to meet our energy needs. Two years ago, Democrats led the filibuster of an energy bill that would have begun to address the current energy crisis. The record prices we are experiencing now should be the push Congress needs to get a bill passed. Work is ongoing in both the House and the Senate to create a well balanced bill that would help increase production of traditional fuels for the short-term and encourage the development of alternative and renewable sources of energy that will be necessary to fuel our country for the long-term. This comprehensive approach to energy policy has been missing for too long. It’s what’s needed to get us on the road to bringing down energy prices.
Q: What will this bill do to encourage the development of alternative energy?
A: I recently spoke with President Bush about the energy bill and the importance of Congress looking towards alternative energy sources, rather than just traditional fossil fuels, to fuel our future. He understands that with the price of oil as high as it is, oil producers don’t need any more incentives. Directing federal funds toward alternative and renewable fuels, including ethanol, biodiesel and wind, will pay big dividends in the future. As chairman of the Senate Finance Committee, which is responsible for tax legislation, I’ve worked to put together a broad, bipartisan package of tax incentives for ethanol, biodiesel, biomass, wind energy, energy efficient electric and hydrogen fuel-cell cars, and super energy-efficient appliances. These tax incentives will make sure these clean, environmentally friendly alternatives are competitively priced and present a real choice to consumers.
I expect the energy bill to be considered by the full Senate during the next couple of months. In addition to the tax incentives for renewable fuels, during the floor debate on the overall bill I’m planning to join in offering an amendment that would require 8 billion gallons of ethanol to be used in the nation’s fuel supply by 2012. The amendment will also require federal agencies to purchase fuel containing ethanol or biodiesel for use in fleet vehicles if the fuel is priced competitively. Common sense incentives like these will help increase our energy independence, help clean-up our environment and, finally, will help agriculture. I’m hopeful that by the end of this summer our country will again have a national energy strategy in place that will put us on the road to more affordable energy.