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Republicans and
Democrats have
strong
philosophical
differences
about energy.
Conservation is
the lynchpin of
every Democratic
energy plan I
have seen. By
contrast,
Republicans
match
conservation
with a push to
increase energy
production and
employ
innovation and
technology to
create new
energies.
I think these
philosophical
differences are
crucial to
America’s energy
future. In
particular,
these
differences
could have a
significant
impact on the
price consumers
pay for energy
and the effect
these energy
prices have on
inflation and
the economy.
Last year, under
Republican
leadership,
Congress passed
the Energy
Policy Act of
2005. I took the
lead in writing
this bill and
getting it
through the
Senate. I worked
to craft a bill
that increased
energy
production where
possible,
particularly the
production of
clean energies
like wind, solar
and nuclear
energy.
My colleagues
and I wrote an
energy bill that
took our
national energy
conservation
efforts to a new
level. We
raised the
minimum
standards for
energy-efficient
products and
provided new
incentives to
both businesses
and consumers,
respectively, to
manufacture and
buy products
that require
less energy.
Finally, we
wrote a bill
that expanded
America’s
investment in
the research and
development of
new, clean
energies we hope
can one day
replace our
reliance on
foreign oil. We
invested in
research for
advanced nuclear
power, for
coal-to-liquids
technology that
could one day
power jet
airliners with
synthetic fuel
from American
coal, for cars
powered by
hydrogen and for
electricity from
a coal gas that
doesn’t pollute
the air.
This year,
Senate
Republicans have
further
responded to
consumer concern
over high oil
and gas prices
by passing
legislation in
the Senate to
expand our own
production of
oil and gas.
Why? Because
supply is a
fundamental
principle of
free market
economics. If
you want to
lower the price
of a commodity
in high demand,
simply increase
its supply.
Right now, oil
prices are the
lowest they’ve
been in six
months. Gasoline
prices have
dropped as much
as 90 cents a
gallon in some
areas since
mid-summer.
Natural gas
prices have
dropped below $5
per Btu (British
thermal unit),
down from a high
of $16 per Btu a
year and a half
ago.
These days,
energy is a
global
commodity. If
global oil
supplies
tighten, we see
the effect
immediately in
the price of oil
and a few days
later in the
price of
gasoline. If we
want to keep our
own energy
prices from
over-reacting
every time
something
happens
overseas, we
must increase
our own
production here
at home.
I couldn’t do as
much as I wanted
to in the energy
bill to increase
our supply of
oil and gas. So
this year, I
passed a bill
through the
Senate that
expands oil and
gas production
in the Gulf of
Mexico. My bill,
the Gulf of
Mexico Energy
Security Act,
would limit
exploration to
100 miles off
the coast of
Florida and
would bring 1.2
billion barrels
of oil to market
along with 5.8
trillion cubic
feet of natural
gas. That’s
enough gas to
heat and cool
nearly 6 million
homes for 15
years.
Interestingly,
shortly after
the Senate
passed my bill,
Chevron
announced that
it had tapped
into a vast oil
reserve in the
Gulf of Mexico
that may be
bigger than
anything we have
found in Alaska.
This discovery
affirms my
conviction that
America can do
much more than
it has been
doing to meet
its own energy
needs. I am
currently
working to get
the Senate bill
through the
House.
Republicans
understand that
expanded
production –
environmentally
sound production
– is critical to
easing prices,
keeping
inflation in
check and
powering our
economy while we
refine
tomorrow’s
energies.
We are
unwavering in
our commitment
to the ingenuity
and innovation
that will
develop those
new energies.
For example, the
energy bill made
a tremendous
investment in
ethanol and
other biofuels.
The ethanol
provision of the
energy bill
alone will
displace more
than two billion
barrels of
foreign oil over
the next six
years. President
Bush’s Advanced
Energy
Initiative
expands our
investment into
the refining of
biofuels that
may one day
replace
gasoline.
Nuclear energy
illustrates the
Republican
commitment to
innovation and
technology. I am
a passionate
advocate of
nuclear power
and have been
for almost 10
years. First,
it’s right for
the environment.
It is clean
energy that
holds tremendous
promise for
addressing
climate change.
Second, nuclear
energy is one of
our most
affordable and
reliable
energies. Right
now, electricity
from nuclear
power is the
second cheapest
source of
electricity in
America. Only
hydropower is
cheaper.
But for 30
years, America
has been slow to
recognize the
value of nuclear
power. While we
have stalled,
other developed
and developing
nations have
forged ahead
with advanced
nuclear reactors
that are
smaller, safer
and produce more
energy than
anything we have
here in America.
By 2020, China
plans to build
as many as 32
nuclear
reactors. That
is in addition
to the 10
already in use
or under
construction.
President Bush
also recognizes
the tremendous
promise nuclear
power holds for
this nation. In
2000, he
included the
expansion of
nuclear power in
his national
energy plan.
Today, because
of the combined
efforts of a
Republican
Administration
and a Republican
Congress,
utilities have
announced plans
to build as many
as 30 nuclear
reactors in the
lower 48 states
during the next
20 years. This
means enough
clean and
affordable
electricity to
power more than
17 million
households
without any
airborne
emissions.
What Republicans
are doing for
nuclear power,
we are also
doing for
hydrogen
technology,
clean coal
technology and
coal-to-liquids
technology.
Republicans like
competitive,
bold and
innovative
ideas. It is at
the heart of our
free enterprise
philosophy and
our deep pride
in American
ingenuity.
We are at a
critical point
in our energy
future. We are
just beginning
to reap the
benefits from
the national
energy policy
President Bush
announced six
years ago and
Congress
codified last
year. We are
midway through
the work of
building on
those successes.
President Bush
earlier this
year announced
his Advanced
Energy
Initiative,
which builds on
our commitment
to renewable
fuels and
technology. I am
working with my
Senate
colleagues and
House
Republicans to
do what we can
to further
stabilize the
price of oil,
natural gas and
gasoline in the
near term while
our long term
investments in
conservation,
technology and
renewable
energies pay
off. Now is not
the time to
waiver or change
our course.
The Republican
record on energy
is a strong one
and one that
will look even
stronger in the
future as the
effects of what
we are doing now
are felt. It is
essential that
Republicans
remain in the
majority if we
want to keep
working to
strengthen
America’s energy
security.
RF
Pete V. Domenici
represents New
Mexico in the
United States
Senate. He
serves as
Chairman of the
Committee on
Energy and
Natural
Resources. |
