Energy Policy Act Of 2005--Conference Report
Mr. President, I rise today to talk about the Energy bill conference report. I have spoken on this floor many times before on Energy bills. I hope the bill before us is the last one I come to the floor to speak on for a long time. While…
Mr. President, I rise today to talk about the Energy bill conference report.
I have spoken on this floor many times before on Energy bills. I hope the bill before us is the last one I come to the floor to speak on for a long time.
While not perfect, this is a good bipartisan bill.
I want to thank Chairmen Domenici and Grassley and Ranking Members Bingaman and Baucus for working hard in a bipartisan manner to produce the bill before us.
This Energy bill strikes a balance between conservation and production.
And while passing an Energy bill might not help energy prices in the short term, it will make a difference over the long term by affecting how much our energy costs increase. This bill's increased domestic energy production, coupled with increased conservation provisions, will slow the astronomical price increases we have seen lately.
Without a new national Energy policy, though, there is not much we can do about the rising energy prices.
Many oil producers are working at full capacity.
And with China and India starting to increase their demands for oil, the world's oil supply will continue to decrease while prices continue to increase.
This means that we cannot just try and conserve our way out of any kind of energy problem.
We have to reduce our reliance on foreign oil and do a better job of taking care of our own energy needs.
The bill contains some good policy provisions.
It includes electricity provisions that are a good start to help update our electricity grid.
America has outgrown its electricity system and some changes need to be made to it.
One of the provisions included in the bill is PUCHA repeal, which will go a long way in helping our electricity system meet increasing demands.
The bill also makes strides to increase the reliability of the electricity grid.
We also desperately need new transmission lines built, and I hope that the provisions in this bill will ensure that this happens.
It also contains an incentives title which will encourage the design and deployment of innovative technology to increase energy supply and also protect the environment. These incentives cover projects such as clean coal, electric transmission and generation, and fuel efficient vehicles.
I am glad that the Senate Energy bill contains clean coal provisions which I wrote to help increase domestic energy production while also improving environmental protection.
Coal is an important part of our energy plans. It's cheap and plentiful, and we don't have to go far to get it.
For my home State, this means more jobs and a cleaner place to live. Clean coal technology is estimated to create 62,000 jobs nationwide and cut emissions from coal drastically.
The Energy bill encourages research and development of clean coal technology by authorizing over $1 billion for the Department of Energy to conduct programs to advance new technology that will significantly reduce emissions and increase efficiency of turning coal into electricity.
Almost $2 billion will be used for the clean coal power initiative, where the Department of Energy will work with industry to advance efficiency, environmental performance, and cost competitiveness of new clean coal technologies.
And $3 billion will be used to help coal companies comply with emission regulations by providing funding for pollution control equipment.
The energy tax package also contains tax credits for companies to implement clean coal technology.
The bill provides $1.6 billion in tax credits for investment in clean coal facilities. It also provides over $1 billion in tax credits for amortization of pollution control equipment to help clean up the emission from existing coal facilities.
Coal plays an important role in our economy, providing over 50 percent of the energy needed for our Nation's energy.
The 21st economy is going to require increased amounts of reliable, clean, and affordable electricity to keep our nation running.
With research advances, we have the know-how to better balance conservation with the need for increased production.
I think this bill makes a good start in ensuring that coal remains a viable energy source that can provide cheap power to consumers.
And the other tax provisions from the Finance Committee will do a good job to promote conservation and energy efficiency further by encouraging the use of cleaner burning fuels.
I am pleased the bill contains ethanol and biodiesel tax credits. These expanded tax credits will further encourage the use of these alternative fuels to help increase domestic production and lessen our dependence on foreign oil. This also is good for farmers and is good for jobs.
We have deliberated and discussed for far too long the need for America to follow a sensible, long-term energy strategy.
I am glad the Senate acted to pass an Energy bill.
This is good for our environment, economy, and national security.
Thank you, Mr. President.