Mr. President, I rise today to speak about the energy-related votes we face this week in the Senate. Coloradans--and all Americans--are feeling the sting of skyrocketing gas prices. And ``pain at the pump'' puts a crimp in the budgets of…
Mr. President, I rise today to speak about the energy-related votes we face this week in the Senate.
Coloradans--and all Americans--are feeling the sting of skyrocketing gas prices. And ``pain at the pump'' puts a crimp in the budgets of hardworking families and small businesses everywhere. I hear this every time I am back in my home State, talking to folks. They think it is unfair--and I agree.
Runaway gas prices are not acceptable and we must work across the partisan divide to bring a stop to it.
In fact, I recently called on the State Department and the U.S. Trade Representative to do everything they can to crack down on global oil market manipulation. And I joined my colleagues in urging the Commodity Futures Trading Commission to ratchet up their efforts at preventing overspeculation in oil trading domestically. Taking these steps would help reduce the chance that market manipulation is hurting American consumers.
But from a larger perspective, the challenge is that we simply do not have any quick fixes. And substantial relief today would have required us to take steps years ago to reform our energy system. Unfortunately, we let those opportunities pass us by. That is the unvarnished truth the American people
need to hear, not false promises or bumper sticker solutions.
The real solutions involve tough choices and strategic investments in clean energy that will help wean our Nation off foreign sources of oil. It really is the only way we will be able to dig ourselves out of this hole and lower gas prices. And, importantly, it is one of the ways that we will get the United States back on the path to winning the global economic race.
Unfortunately, neither of the votes we will take this week will reduce gas prices for consumers.
As are most Americans, I am frustrated that once again politics is getting in the way of progress I would much rather be debating a comprehensive energy policy this week that includes a renewable electricity standard, promotes energy efficiency, and encourages responsible development of domestic resources such as safe nuclear power and natural gas.
We need to move beyond partisan fights and blame games. Instead, we need to work toward what we all can agree are key priorities: developing energy that brings affordable prices to American families and businesses; building a sustainable, long-term energy future; and doing it in a way that protects our clean air and water for future generations. Put simply, establishing energy security--perhaps above any other issue--will assure our Nation's future success.
We each often say that our States are the best laboratories to create innovation. But in Colorado, we have a great example of this in action.
Back in 2004, Colorado cast aside partisan politics and bumper sticker solutions by taking a big, brave step forward and embraced the emerging clean energy economy. That year I led a bipartisan ballot initiative with the former Republican Speaker of the Colorado House, Lola Spradley, in a campaign to convince the voters of Colorado to approve a State-based RES that would harness renewable resources like the sun, the wind, and geothermal energy. We barnstormed the State, speaking over and over to anyone who would listen.
There was a lot of industry opposition to an RES, and dire predictions that it would cost consumers money and damage Colorado's economy. But, those arguments were proven wrong. And Colorado industries, consumers, and people across the political spectrum have embraced clean energy as part of Colorado's effort to win the global economic race.
In fact, last year, the Colorado Legislature approved, and former Governor Bill Ritter signed, a bill to increase the RES standard even further: from 20 percent to 30 percent renewable energy by 2020. This makes the Colorado RES the second most aggressive standard in the Nation, only after California.
Even more refreshing is that in the years since Colorado established one of the earliest and strongest renewable electricity standards, our energy producers have embraced the move. One of our State's largest utilities, Xcel Energy, has become a national leader in clean energy. In proving that clean energy can be profitable and competitive, Xcel is making the case for how an RES can create jobs, stimulate the economy, and help us achieve energy independence.
The clean energy economy is one of the greatest economic opportunities of the 21st century, and the global demand for clean energy is growing by $1 trillion every year. The lesson to be learned from Colorado is that clean energy can unleash the American entrepreneurial spirit. We must pursue forward-thinking policies that will help America seize and lead this growing market.
Make no mistake. We are in a race against foreign competitors and are quickly being left behind. Last year, I returned from China where I discussed clean energy issues with American businesses located there. I saw it firsthand. They are ready to eat our lunch when it comes to clean energy. China is pursuing renewable energy and clean energy technology so ambitiously, not because they want to save the planet but because it makes good business and economic sense.
In fact, China has announced that it is investing over $738 billion over the next 10 years in clean energy development--nearly the size of our entire American Recovery and Reinvestment Act. Just imagine, their economy uses a comparable amount of energy, but they take clean energy so seriously that they plan to invest a stimulus-sized amount of money solely in renewables.
But we can't just rely on renewable energy. Rather, America must have an all-of-the-above energy policy. For example, conservation and energy efficiency efforts offer the quickest way to reduce energy demand today. And safe nuclear energy and natural gas can and should fill a larger share of our energy portfolio as they both are cleaner fuels. In addition, we all know America will be dependent on fossil fuels for years to come, so it is not realistic to exclude them in our strategy. All of these elements should be in America's energy mix and we must acknowledge that to really embrace 21st century solutions.
But when we look at the future demands for clean energy and the economic opportunities ahead of us, renewable resources hold the greatest promise. And the more home-grown renewable energy we can produce, the less money we need to spend buying oil from foreign nations that wish to do us harm, which means less money spent at the gas pump. I don't think anyone in this Chamber can argue with the proposition that we should be moving aggressively toward energy independence with dividends like that.
It is time we made a concerted national effort to reclaim our position at the front of the pack. We should be harnessing the wind and sun and other renewable resources here in America, and putting Americans to work in good-paying jobs developing, building, and leading the clean energy revolution. It is an example of what we call back home ``Colorado common sense.''
But instead of pursuing some commonsense goals that are sure to move our economy forward, we are here today exchanging political punches on issues largely unrelated to our energy independence and the prices Americans pay at the pump.
While I support reducing tax breaks for the five largest oil companies, I honestly wish this issue was a smaller part of a larger discussion on a comprehensive energy strategy that allows the U.S. to lead the global economic race. That said, I will vote to repeal these needless tax breaks for Big Oil. Traditional energy production has received billions in subsidies over the last 70 years. And the top five oil companies in particular make billions in profits that far exceed the need for government support.
I happen to agree with the thousands of Coloradans who have told me: these companies--among the biggest in the world--don't need and shouldn't receive taxpayer money, especially as we look for ways to consolidate our Tax Code and reduce the deficit.
It is important to me that this bill is limited to the top five companies and does not include small, independent producers that provide many jobs in Colorado. I should note that there are some tax credits--such as the production tax credit for wind, the investment tax credit for solar, and the intangible drilling costs tax credit for small oil and gas producers--that are important to jobs in Colorado and across the country. While my ideal energy market would be free from any tax credits, I also want to make sure we continue to invest in domestic energy industries that still need help getting off the ground. Just as with most policy, it is a delicate balance.
In my home State of Colorado and in the Presiding Officer's home State of Pennsylvania and all over our country, Americans are feeling the sting of rising gas prices. The pain at the pump puts a real crimp in the budgets of hard-working families and businesses everywhere. I hear this every time I am back in my home State listening and visiting with the folks there. They think it is unfair, and I have to say I agree.
Runaway gas prices are not acceptable. I think it is our job, working across the partisan divide, to bring a stop to it. I have to tell my colleagues, instead of pursuing some commonsense goals that would move our economy forward and would mold a comprehensive energy proposal, we are punching away at each other on issues largely unrelated to our energy independence and the prices Americans pay at the pump.
I am going to support the vote today. We ought to reduce tax breaks for the
five largest oil companies. But I have to say I wish this had been part of a larger discussion on a comprehensive energy strategy to allow us to lead the global economic race. That said, I am going to vote to repeal what I think are needless tax breaks for Big Oil.
Traditional energy production has received billions of subsidies over the last 70 years--70 years--and the top 50 companies in particular make billions in profits that far exceed the need for more government support. I happen to agree with thousands of Coloradans who have been in touch with me to say that these companies, which are among the biggest in the world, don't need and shouldn't receive taxpayer money, especially as we look for ways to consolidate our Tax Code and reduce the deficit.
It is important to me that the bill is limited to the top five companies and doesn't include small, independent producers that provide a lot of jobs in Colorado. I should note that there are some tax credits, such as the production tax credit for wind, the investment tax credit for solar, and the intangible drilling costs tax credit for small oil and gas producers that are important for jobs in Colorado and across our country.
I think we would agree that the ideal energy market would be free from any tax credits, but I also wish to make sure we invest in our domestic energy industries that still need help getting off the ground. As with most policy matters, this is a delicate balance.
Let me wind down my remarks with this request to my colleagues, that we would take responsibility for our economic future and get serious about energy independence. That means we would have to shed, each and every one of us, some of our doctrinaire positions and what is too often on the floor a ``my way or the highway'' approach. There are ways to responsibly drill for oil while also increasing our renewable electricity production. There are ways to safely expand nuclear power while also boosting energy efficiency. There are ways to harness natural gas as a bridge fuel while also spurring a generation of electric cars.
These are not either/or propositions. I think we especially have to seize the clean energy opportunity that is in front of us, so 2, 4, and 10 years from now we are not still sidetracked by political infighting because we, once again, failed to make the tough decisions. A comprehensive energy policy is critically important to our Nation's economic recovery and our long-term energy future. Believe me, Americans are ready for it. In fact, they are demanding it.
Thank you. I yield the floor and note the absence of a quorum.