Thursday
May222008
Bush Administration's energy policy discussed
Thursday, May 22, 2008 at 1:47PM
Energy Secretary Samuel Bodman spoke today at a full committee hearing with the House Energy Independence and Global Warming Committee on oversight of the Bush Administration’s energy policy. Bodman discussed the actions that the Bush Administration has taken or hasn’t taken in energy independence issues in the past and what their plans are for the future.
The United States produces only about 3 percent of oil, yet uses 25 percent of the worlds oil. Members of the committee expressed concerns over the greater dependence on foreign oil and the national security threat that opens up for the United States. Bodman said that the Bush Administration recognizes that is a concern and is investing in alternative energy for solutions. The Administration is spending $45 billion towards alternative energy. However, according to one Congressman that $45 billion is what the United States spends in a few weeks in Iraq.
Members of the Committee stated that the Bush Administration was not looking for alternative energy solutions, by not using the strategic petroleum reserve, getting ethanol fuel at the pumps or helping to pass legislation to promote venture capitalist investment in the alternative energy market. Congressmen said the Administration should be urging scientific research and pushing the entrepreneurial industry to invest in creating alternative energy solutions.
Bodman suggested that President Bush not use the strategic petroleum reserve, which could lower the price of gas temporarily, but instead continue to work with Saudi Arabia to get them to produce more oil, which would in turn lower the price at the pump. Bodman also said that he would support the removal of the tariff on foreign ethanol, but declined to support or comment on various other forms of alternative energy like increasing wind farm productions, because he said they would not create immediate results.
The United States produces only about 3 percent of oil, yet uses 25 percent of the worlds oil. Members of the committee expressed concerns over the greater dependence on foreign oil and the national security threat that opens up for the United States. Bodman said that the Bush Administration recognizes that is a concern and is investing in alternative energy for solutions. The Administration is spending $45 billion towards alternative energy. However, according to one Congressman that $45 billion is what the United States spends in a few weeks in Iraq.
Members of the Committee stated that the Bush Administration was not looking for alternative energy solutions, by not using the strategic petroleum reserve, getting ethanol fuel at the pumps or helping to pass legislation to promote venture capitalist investment in the alternative energy market. Congressmen said the Administration should be urging scientific research and pushing the entrepreneurial industry to invest in creating alternative energy solutions.
Bodman suggested that President Bush not use the strategic petroleum reserve, which could lower the price of gas temporarily, but instead continue to work with Saudi Arabia to get them to produce more oil, which would in turn lower the price at the pump. Bodman also said that he would support the removal of the tariff on foreign ethanol, but declined to support or comment on various other forms of alternative energy like increasing wind farm productions, because he said they would not create immediate results.
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