Our country needs a strong, sensible long-term energy policy that can reduce our use of fossil fuels and cut our dependence on foreign oil. Last year, as part of the 2007 Energy Bill, we adopted the first increase in vehicle fuel-economy standards since the 1970s. That will raise average fuel efficiency by 40 percent, which can save the average family $1,000 in fuel costs annually.

We also need to boost investment in cutting-edge conservation technology, such as hybrid electric vehicles and the next generation of clean, renewable energy. Just this week, the U.S. Department of Energy issued a report saying it’s feasible for our country to obtain 20 percent of its electricity from wind power by 2030.

But we must also bring consumers immediate relief from high energy costs, which is why I cosponsored Tuesday’s amendment to suspend oil purchases for the government’s Strategic Petroleum Reserve. Our country needs the reserve for emergencies, but there is no reason to be taking oil off the market at a time of record prices.

Our next step should be to stop the speculation that is driving up prices in world energy markets. Oil company executives have testified recently that oil should be trading for about $55 per barrel, but that a frenzy of speculative investment has driven up its price artificially. That’s one reason why I cosponsored the Consumer-First Energy Act. Among its provisions are two that would curb market speculation: an increase in the margin requirement – the payment that traders must put down when placing futures trades – and a ban on traders using offshore exchanges for their trades to avoid proper regulation.

There is no one “silver bullet’” to bring down energy costs. But what I call “silver buckshot’” can give consumers a fair break in markets today and a fair shot at energy independence in the future.

This entry was posted on Tuesday, May 13th, 2008 at 3:51 pm and is filed under Uncategorized .