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I am committed to a stronger and more stable supply of energy. I support a comprehensive national energy plan that includes: upgrading our electrical grids, new techniques in energy efficiency and increased domestic production. Decreasing our dependence on foreign oil and our vulnerability to wild price fluctuations will help create a stable economy.
Fortunately in Oklahoma, because we produce so much energy, the higher prices benefit our state economically. But, as a country, to meet our growing needs, we must continue to address rising energy prices. Energy needs are rising, while total domestic oil production is declining. The United States depends on foreign sources of oil for 62 percent of our nation's supply and that is expected to increase to 75 percent by 2010. Americans will continue seeing higher prices if greater efforts are not made to meet increasing demands. By using several approaches we will create a firm energy infrastructure that will lead to a more prosperous America.
I believe we must develop an energy plan that ensures Americans affordable heat and businesses and farms affordable prices in natural gas. This can be accomplished by finding ways to diversify our energy supply and decrease our reliance on foreign oil.
I voted for the Energy Policy of 2005 (H.R. 6) a comprehensive, rational approach to begin relying on domestic energy instead of unstable foreign producers. Key components to the Energy Policy Act of 2005 will focus on exploring new domestic sources of oil and natural gas, expanding the use of coal through Clean Coal technologies and investing in our electricity transmission grid. Conservation is also a vital part of the policy. There will be new mandatory efficiency requirements for federal buildings and new standards for labeling battery chargers, commercial refrigerators, freezers and unit heaters to encourage energy efficiency. This legislation also encourages energy diversification by offering incentives to utilize alternate sources of energy.
The Energy Policy act also implements a large effort to improve the nation's use of alternative fuels. One provision in the bill requires dual-fueled vehicles acquired under the Energy Policy Act of 1992 to be operated on alternative fuels. It also authorizes $200 million for a state and local government grants program to help them acquire fueled and fuel cell vehicles. It also authorizes two new "Clean School Bus" programs to replace diesel buses with ones that use new pollution control technology or alternative fuels.
To help ward off a potential natural gas crisis because of historically high prices and low inventories, Speaker Dennis Hastert appointed a Natural Gas Task Force to investigate ways to make natural gas more affordable to American families, farms and businesses. As part of the task force, I held a field hearing in Oklahoma City to hear testimony from local energy representatives that are affected by national gas prices. Their comments and concerns were included in the final report to the Speaker that outlined a natural gas energy policy that would help stabilize our energy supply and our economy.
Natural gas is utilized residentially, industrially and commercially.
Over one-half of U.S. homes use natural gas as their main heating fuel. I have introduced legislation that will make natural gas more affordable to American families, farms and businesses. The Natural Gas Production Act will help increase domestic natural gas supplies by providing a tax credit for producing natural gas on-shore from a depth of more than 15,000 feet. The natural gas resource potential below 15,000 feet is about 135 trillion cubic feet (Tcf) and most of it is onshore. This is a significant amount of untapped resources that could help lower natural gas prices for consumers and decrease our dependence on unstable foreign energy supplies.
Wind power is a clean, renewable source of energy. Because it was one of the fastest growing energy sources, wind power has the potential to help make Oklahoma a more desirable place to live and do business while also assisting economic development for Oklahoma's rural areas. I am working in Congress to create small wind systems by introducing legislation to help assist this important segment of the renewable power industry. Small wind systems can provide on-site power for homes, farms and small businesses. They can also cut stripper well operation costs by up to 50 percent.