America Needs An Energy Policy Now
Madam President, I rise today to speak about a subject that is dear to the heart of the Chair because Alaska contains much of the energy that the United States needs. Yesterday, crude oil closed at $39.57 on the New York Exchange.…
Madam President, I rise today to speak about a subject that is dear to the heart of the Chair because Alaska contains much of the energy that the United States needs. Yesterday, crude oil closed at $39.57 on the New York Exchange. Nationwide, the average price of gasoline is $1.84, expected to rise 5 to 10 cents over the next several days, and even more as we enter the summer driving season which begins on Memorial Day.
Natural gas prices are also at a record high for this year, 70 percent higher than they were a year ago. We are increasingly dependent on imported supplies to set prices. In the Pacific Northwest, the snowpack is at 50 percent of average, and so hydroelectric generation will be at a record low this summer.
We currently import 55 percent of our oil. We will depend upon 70 percent for our demand by 2025. Meanwhile, we are experiencing record temperatures in southern California where already there is a strain on the region's electricity system.
I do not know what sort of psychological barriers need to be broken in the Senate to finally pass comprehensive energy legislation. We are very close to breaking through every psychological barrier related to energy policy. Oil will soon cost $40 a barrel. Gasoline will be over $2 a gallon. Natural gas will be permanently over $5 per MCF and the adequacy of our electricity generating grid this summer is now a simple calculus. Will it be hotter than usual? Because if so, we will have blackouts again.
My colleagues will notice that I no longer believe that our growing dependence on imported oil will have the psychological impact necessary to motivate my colleagues into action on the Energy bill. For my part, I am alarmed. I see us becoming 70-percent dependent on imported oil. I read of terrorist threats against overseas oil infrastructure and refining capacity, and I am amazed that I have colleagues who want to stop building our emergency supplies in the Strategic Petroleum Reserve or, even worse, call on us to use up those reserves now. In the past, the result of such activity was miniscule in terms of its impact on gasoline prices. It is just something to talk about. It is not something that will do anything.
Instead, yesterday a number of Senators came to the floor and called on the President to pressure OPEC to increase production and reduce prices. Does anybody assume he has not already done that? Does anybody assume they are interested in what we say today? It would be terrific if OPEC would do that, but I have to ask my colleagues, why would OPEC take us seriously? OPEC sees us for what we are. We are hooked and we cannot even do the most incremental steps to begin to address this plight.
OPEC sees a Congress that has talked about passing an energy bill for 10 years. They see a Congress that has failed every year for the last 3 years to pass an energy bill. OPEC sees an America that lacks the political will to address its own crisis. Instead, we blame and complain. If you were OPEC, would you take us seriously?
Some say passing an energy bill will not do a lot for foreign crude oil prices. I disagree. I think passing the first comprehensive energy bill to come out of this Congress in 12 years sends a strong signal to oil-producing nations. I think if we do more to conserve energy, increase production, diversify our energy supply, we will tell OPEC America is a country with unity, commitment, and the political will to address our most serious domestic problem, and that is our energy challenges.
If Senate Democrats mean what they say when they wring their hands and lament the rising oil prices, pass this bill. When we voted last week on the
authorizing portion of the bill, we got only 14 Democrats to join us, and then someone on that side had the audacity to say it was the Republicans' fault we didn't pass it. That is less than one-third of the Democrats who voted in favor of it. Yet the steady stream of Senators who come down here to speechify on energy is from the other side. They are Democrats. Some of the Democrats down here on the Senate floor yesterday wringing their hands about gasoline prices, blaming the administration yesterday, are the same Senators who voted against the Energy bill last week.
Last summer we had the biggest blackout in the Nation's history during the August recess. You all remember that. When Congress returned, Senators went to the Senate floor to make speeches, to wring their hands about the problem in our power grid. Some of those same Senators turned around a few weeks later and voted against an energy bill that mandated electricity reliability. Everyone who knows anything says that must be adopted if we are to rearrange things and have power over the utility lines so we will not have blackouts. It is recommended by everyone who knows anything about it, and we sit here and fail to pass the bill that contains it.
Gasoline prices have shattered all records in April. Prices could reach $3 by late September. I know that is a startling statement, but I make it because I believe it. Prices could reach $3 a gallon by late summer. Natural gas prices on average are 70 percent higher than last year. Our electricity grid is every bit as vulnerable to a blackout today as last summer, and we stand here making speeches and passing the blame: Blame OPEC, blame the President.
The buck stops here. It is up to this Congress to pass a bill that stabilizes the price of oil, gas, coal, and natural gas. It is up to this Congress to pass a bill that increases our production of energy from natural gas, wind, solar, geothermal, and clean coal. It is up to this Congress to mandate electricity reliability. Let's stop politicking on this energy bill and on this energy problem. Let's stop looking to foreign shores to solve our problems. Let's stop looking to OPEC so they would have the will. Let us unify and resolve that lack of enthusiasm and unity. Let's roll up our sleeves and pass an energy bill.
It is possible. The bill before us now contains about half the Energy bill. It has all the tax credits that will bring much of the energy that I have spoken about on board America. It will not do the whole job, but it will do something. We understand there are Senators who do not want to see that pass. It has broad support and it will do something significant. I trust we will pass it.
I yield the floor.