Congressional Record—Senate S3338

Total Page:16

File Type:pdf, Size:1020Kb

Congressional Record—Senate S3338 S3338 CONGRESSIONAL RECORD — SENATE March 18, 2009 That is something our U.S. trade am- while, and no administration has done at this. We can prevail. We don’t have bassador has to confront. much about it. Oh, the last administra- to have an $800 billion deficit that Let me give an example—and this is tion, I think the last time they took threatens our country’s economy. No just one; I could give a dozen—of part action was against Europe, and they one talks about it much, but the fact of our problem. We have a trade deficit announced with big fanfare that they is, this enormous deficit undermines with South Korea. Ninety-eight per- were going to impose tariffs on Roque- the strength of the American economy. cent of the cars on the streets of South fort cheese, truffles, and goose liver. It sucks jobs out of our country and Korea are made in South Korea be- That will scare the devil out of some moves them overseas in search of cheap cause that is what they want. They do country—Roquefort cheese, truffles, labor. We can do better than that. not want foreign cars in South Korea. and goose liver. We not only negotiate I intend to support Ron Kirk. I think Our country signed two separate trade bad trade agreements, but then we fail he will be a good choice. However, I deals with Korea in the 1990s, which to enforce them. And when we do en- hope this trade ambassador under- supposedly meant that Korea would force them, we don’t enforce them with stands that while our country stands open up their auto market. Those any vigor. for trade and our country stands for agreements are apparently not worth Mr. President, I know there has been open markets, we ought to, for a the paper they were written on. So discussion in the last couple of days change, also stand for fair trade agree- Korea sent us 770,000 vehicles last about trade with Mexico. Mexico had a ments and we ought to stand for bal- year—770,000 Korean-made vehicles. $66 billion surplus—or we a deficit with ance in trade and get rid of an $800 bil- Those are Korean jobs—vehicles made them—last year. We have had a nearly lion-a-year deficit in which we end up in Korea, sold in the United States. Yet 1⁄2 trillion dollar trade deficit with owing other countries a substantial we are able to sell 6,000 American vehi- Mexico in the last 10 years alone, and amount of our future. It makes no cles in Korea. Now, think of that: Mexico is accusing us of unfair trade? I sense to me. 770,000 cars coming our way, and we get am sorry. We have a 1⁄2 trillion dollar So I am for trade, and plenty of it, to sell 6,000 there. Why? Because the deficit with Mexico in trade relation- but let’s try to get it right for a Korean Government doesn’t want ship in 10 years, and they believe we change, to strengthen this country and American cars on their roads. They are unfair? put this country on the right track. want one-way trade, which I think re- The recent action by Mexico against Mr. President, I yield the floor, and I sults in unfairness to our country, lack the United States is due to the fact suggest the absence of a quorum. of jobs in our country, and a growing that a large bipartisan majority of The PRESIDING OFFICER. The trade deficit in our country that under- both Chambers of Congress objected to clerk will call the roll. mines our economy. a Mexican long-haul trucking pilot The legislative clerk proceeded to The same is true with respect to program that the Bush Administration call the roll. China. For example, we negotiated a wanted to establish. The inspector gen- Mr. COBURN. Mr. President, I ask bilateral trade agreement with China. eral of the Transportation Department unanimous consent that the order for Only much later did we learn the ingre- had said that in Mexico there is no cen- the quorum call be rescinded. dients of that agreement. China is now tral repository of drivers’ records, no The PRESIDING OFFICER. Without creating a significant automobile ex- central repository of accident reports, objection, it is so ordered. port industry, and we will begin seeing and no central repository of vehicle in- Mr. COBURN. Mr. President, I ask Chinese cars on American streets in spections. We don’t have an equivalent unanimous consent to yield back all the not too distant future. They are system. Well, there is nothing in a time on the Kirk nomination. gearing up for a very robust auto- trade agreement that requires us to di- The PRESIDING OFFICER. Without mobile export industry. Here is what minish safety on our roads. When we objection, it is so ordered. our country agreed with in a bilateral have equivalent systems or when we Mr. COBURN. Mr. President, I ask agreement with China. We agreed that have conditions in both countries that unanimous consent that H.R. 146 be the any American cars sold in China after are equivalent, you will hear no com- pending business. a phase-in could have a 25-percent tar- plaint from me about any pilot pro- iff imposed by the Chinese. Any Chi- gram of this type, but that is not the f nese cars sold in America would have a case today. LEGISLATIVE SESSION 21⁄2-percent tariff. Think of the absurd- Just as an aside, at a hearing I held ity of that. A country with which we last year, we were told that one of the have a $200 billion trade deficit—last rules for the cross-border trucking pro- year, $260 billion—and we said: It is gram was that the drivers who were REVOLUTIONARY WAR AND WAR okay for you to impose a tariff that is coming in with the big trucks were OF 1812 BATTLEFIELD PROTEC- 10 times higher on U.S.-made auto- going to be required to be fluent in TION ACT mobiles sold in your country than we English. One way they would deter- The PRESIDING OFFICER. Under will impose on your automobiles sold mine whether they were fluent in the previous order, the Senate will re- in our country. That is the kind of ig- English is they would hold up a high- sume consideration of H.R. 146, which norance, in my judgment, and unfair way sign, such as a stop sign, to the the clerk will report by title. trade provisions that result in our hav- driver and ask him: What is this sign? The legislative clerk read as follows: ing an $800 billion merchandise trade And if the driver replied, ‘‘Alto,’’ which A bill (H.R. 146) to establish a battlefield deficit. means ‘‘stop’’ in Spanish, they would acquisition grant program for the acquisi- Now, Warren Buffett has said—and declare that driver fluent in English. tion and protection of nationally significant Warren Buffett is a bright guy, and I Look, this made no sense at all. Let’s battlefields and associated sites of the Revo- like him, I have known him for a long make sure we protect the safety on lutionary War and the War of 1812, and for while—this is unsustainable. You can’t America’s roads. I have no problem other purposes. run these kinds of trade deficits year with cross-border trucking as soon as The Senate resumed consideration of after year. It is unsustainable. Why? we have equivalent standards. That is the bill. Because when we buy $800 billion more not now the case. Pending: from other countries than we sell to But my larger point with Mexico, as Bingaman amendment No. 684, in the na- them, it means they end up with our with other countries, is that we have a ture of a substitute; money or a debt, and that debt will be large and growing trade deficit—$66 bil- Coburn amendment No. 680 to amendment repaid with a lower standard of living lion last year with Mexico; 1⁄2 trillion No. 684, to ensure that the general public has in our country. dollars in 10 years. This country can’t full access to our national parks and to pro- My point is that the financial crisis continue that. We have to have fair mote the health and safety of all visitors and employees of the National Park Service; in this country is caused by a lot of trade with other countries and fair Coburn amendment No. 679 to amendment things, at least one of which is an un- trade agreements. And when we do, it No. 684, to provide for the future energy believable growing trade deficit that seems to me we should be aggressive in needs of the United States and eliminate re- has gone on and festered for a long trying to sell worldwide. We are good strictions on the development of renewable VerDate Nov 24 2008 01:14 Mar 19, 2009 Jkt 079060 PO 00000 Frm 00016 Fmt 0624 Sfmt 0634 E:\CR\FM\G18MR6.018 S18MRPT1 jbell on PROD1PC69 with SENATE March 18, 2009 CONGRESSIONAL RECORD — SENATE S3339 energy; would create engineering and construction payers. And tomorrow I will be in New Orle- and Coburn amendment No. 675 to amend- jobs. ans for a lease sale covering approximately ment No.
Recommended publications
  • Comparative Review of a Dozen National Energy Plans: Focus on Renewable and Efficient Energy
    Technical Report A Comparative Review of a Dozen NREL/TP-6A2-45046 National Energy Plans: Focus on March 2009 Renewable and Efficient Energy Jeffrey Logan and Ted L. James Technical Report A Comparative Review of a Dozen NREL/TP-6A2-45046 National Energy Plans: Focus on March 2009 Renewable and Efficient Energy Jeffrey Logan and Ted L. James Prepared under Task No. SAO7.9C50 National Renewable Energy Laboratory 1617 Cole Boulevard, Golden, Colorado 80401-3393 303-275-3000 • www.nrel.gov NREL is a national laboratory of the U.S. Department of Energy Office of Energy Efficiency and Renewable Energy Operated by the Alliance for Sustainable Energy, LLC Contract No. DE-AC36-08-GO28308 NOTICE This report was prepared as an account of work sponsored by an agency of the United States government. Neither the United States government nor any agency thereof, nor any of their employees, makes any warranty, express or implied, or assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information, apparatus, product, or process disclosed, or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product, process, or service by trade name, trademark, manufacturer, or otherwise does not necessarily constitute or imply its endorsement, recommendation, or favoring by the United States government or any agency thereof. The views and opinions of authors expressed herein do not necessarily state or reflect those of the United States government or any agency thereof. Available electronically at http://www.osti.gov/bridge Available for a processing fee to U.S.
    [Show full text]
  • Working on Climate: How Union Labor Can Power a Green Future
    ISSUE BRIEF • SEPTEMBER 2019 Working on Climate: How Union Labor Can Power A Green Future The United States is one of the biggest contributors of climate change-inducing fossil fuel emissions.1 Scientists warn that continued reliance on fossil fuels will warm the planet.2 If we exceed the 1.5 degree Celsius warming threshold, increased temperatures could cause irreversibly destructive climate change, potentially making parts of the planet uninhabitable this century.3 Climate change has a disproportionate impact on renewable energy is necessary to stave off the worsening communities of color and vulnerable populations.4 If effects of this climate catastrophe.6 The IPCC report we keep emitting climate pollutants from fossil fuel warns that rapid warming would bring increasing facilities, marginalized communities will bear the droughts, wildfires, food shortages, coral reef die- biggest brunt. According to a 2018 report from the offs and other ecological and humanitarian crises by United Nations’ Intergovernmental Panel on Climate 2040 — far earlier than expected.7 But greenhouse gas Change (IPCC), a warming climate “would dispropor- emissions such as carbon dioxide could be drastically tionately affect disadvantaged and vulnerable popula- reduced if we implement a “strategic shift” away from tions through food insecurity, higher food prices, fossil fuels and rely on renewable power for energy income losses, lost livelihood opportunities, adverse generation, accompanied by increased use of energy health impacts and population displacements.”5 efficiency technologies in buildings.8 Instead of doubling down on new fossil fuel facilities, Technology for a large-scale transition to renewables the United States must massively invest in clean energy.
    [Show full text]
  • Wind Power Today
    Contents BUILDING A NEW ENERGY FUTURE .................................. 1 BOOSTING U.S. MANUFACTURING ................................... 5 ADVANCING LARGE WIND TURBINE TECHNOLOGY ........... 7 GROWING THE MARKET FOR DISTRIBUTED WIND .......... 12 ENHANCING WIND INTEGRATION ................................... 14 INCREASING WIND ENERGY DEPLOYMENT .................... 17 ENSURING LONG-TERM INDUSTRY GROWTH ................. 21 ii BUILDING A NEW ENERGY FUTURE We will harness the sun and the winds and the soil to fuel our cars and run our factories. — President Barack Obama, Inaugural Address, January 20, 2009 n 2008, wind energy enjoyed another record-breaking year of industry growth. By installing 8,358 megawatts (MW) of new Wind Energy Program Mission: The mission of DOE’s Wind Igeneration during the year, the U.S. wind energy industry took and Hydropower Technologies Program is to increase the the lead in global installed wind energy capacity with a total of development and deployment of reliable, affordable, and 25,170 MW. According to initial estimates, the new wind projects environmentally responsible wind and water power completed in 2008 account for about 40% of all new U.S. power- technologies in order to realize the benefits of domestic producing capacity added last year. The wind energy industry’s renewable energy production. rapid expansion in 2008 demonstrates the potential for wind energy to play a major role in supplying our nation with clean, inexhaustible, domestically produced energy while bolstering our nation’s economy. Protecting the Environment To explore the possibilities of increasing wind’s role in our national Achieving 20% wind by 2030 would also provide significant energy mix, government and industry representatives formed a environmental benefits in the form of avoided greenhouse gas collaborative to evaluate a scenario in which wind energy supplies emissions and water savings.
    [Show full text]
  • Climate Law and Policy in North America: Prospects for Regionalism†
    CRAIK-DIMENTO[1] (DO NOT DELETE) 2/5/2016 12:39 PM Climate Law and Policy in North America: Prospects for Regionalism† NEIL CRAIK* JOSEPH F.C. DIMENTO** TABLE OF CONTENTS I. INTRODUCTION .................................................................................................. 196 II. CONTEXT: MULTI-LEVEL AND MULTI-TRACK CLIMATE-CHANGE GOVERNANCE ...................................................................... 197 III. THE EXISTING GOVERNANCE LANDSCAPE: CLIMATE CHANGE COMMITMENTS AND POLICIES .............................................................. 202 A. North American GHG Emissions ............................................................. 202 B. International Commitments and Programs .............................................. 205 C. Domestic Policies .................................................................................... 213 † This paper was originally presented at the IUCN Academy of Environmental Law Conference on Climate Law in Developing Countries Post 2012: North and South Perspectives held in Ottawa, Canada on September 26-28, 2008. The paper was also presented at a Research Workshop on Regional Climate Change Governance in North America held at the Tecnologico de Monterrey in Mexico City on January 19-20, 2009. The authors are grateful to the participants of these events for the discussion of ideas related to the paper. The writing of the paper was supported by grants from the Harrison McCain Foundation, The Social Sciences and Humanities Research Council of Canada, and the Department of
    [Show full text]
  • New Energy for America
    New Energy for America Jobs, Security & Prosperity for the 21st Century Presented by New Energy for America Jobs, Security & Prosperity for the 21st Century July 28, 2004 Boston, Massachusetts 2 July 28, 2004 3 Acknowledgments Many people made the New Energy for America event and this publication a success. We would like to thank our core event planning commit- tee: Julie Anderson, Nancy Donaldson, Bracken Hendricks, Anne Kelly, Kevin Knobloch, Dan Ruben, Nicole St. Clair, and Marty Bauman and Janice Halpern of Classic Communications. Thanks also to Michael Charney for the pho- tographs. We are grateful to our videographer Erik Gehring and transcriptionists Erik Gehring, Melissa Hutchinson, David Lowe, and Lisa Ruffino. We appreciate the fine work of the delegate outreach team, especially Ann Berwick, Becca Berwick, Andrew Iliff, and Mike Jacobs, and our volunteer coordinator, Amy Perlmutter. Finally, we thank Jim Apteker for taking special measures to prepare the State Room for hosting the event. All photographs © 2004 Michael Charney/ Climate Calendar. All Rights Reserved. 2 New Energy for America 3 Foreword On July 28, 2004, an exceptional group of pages, you will read excerpts of the compelling leaders from labor, government, business, and remarks made by event participants—remarks we the environmental community came together to hope will be echoed throughout the national con- call for a national investment in and commit- versation this year and beyond. ment to a clean-energy economy—an economy that will preserve and expand high-quality, U.S.- As these speakers suggest, the new energy based jobs, reduce our dependence on oil, and economy is about jobs, it is about national secu- work to slow global warming.
    [Show full text]
  • Barack Obama and Joe Biden: New Energy for America
    BARACK OBAMA AND JOE BIDEN: NEW ENERGY FOR AMERICA America has always risen to great challenges, and our dependence on oil is one of the greatest we have ever faced. It’s a threat to our national security, our planet and our economy. For decades, Washington has failed to solve this problem because of partisanship, the undue influence of special interests, and politicians who would rather propose gimmicks to get them through an election instead of long‐term solutions that will get America closer to energy independence. Our country cannot afford politics as usual – not at a moment when the energy challenge we face is so great and the consequences of inaction are so dangerous. We must act quickly and we must act boldly to transform our entire economy – from our cars and our fuels to our factories and our buildings. Achieving this goal will not be easy. Energy independence will require far more than the same Washington gimmicks and continued dependence on costly and finite resources. It will require a sustained and shared effort by our government, our businesses, and the American people. But America has overcome great challenges before. With clarity of direction and leadership, there is no question that we possess the insight, resources, courage and the determination to build a new economy that is powered by clean and secure energy. Barack Obama and Joe Biden have a comprehensive energy plan that provides immediate relief to struggling families. It also summons the nation to face one of the great challenges of our time: confronting our dependence on foreign oil, addressing the moral, economic and environmental challenge of global climate change, and building a clean energy future that benefits all Americans.
    [Show full text]
  • Economy Executive Summary Moving the Nation Towards a Clean Energy Economy
    Moving the nation towards a Clean Energy Economy Executive Summary Moving the Nation Towards a Clean Energy Economy The nation sits at a critical crossroads with the immediate need to address multiple policy challenges: an economy in turmoil, the threat of global climate change, and increased demand for electricity in the face of rising fuel prices and declining investments in new energy infrastructure. If any country is capable of rising to meet these challenges it is the United States, a country that has long been the global leader of entrepreneurial activity. Rich in resources and innovative spirit, the United States has used its collective ability to rise above pressing challenges. At this critical time, the United States can tap into its available renewable energy, energy efficiency and natural gas resources to take advantage of the vast opportunities these resources offer to expand and create new industries and jobs at home while providing energy security and addressing global climate change. Clean energy technologies, including advanced batteries, biomass, biogas, fuel cells, geothermal, hydropower (including new waterpower resources such as ocean, tidal and instream hydrokinetic), solar, wind, natural gas, and supply-side and demand-side energy efficiency, are ready today to lead the U.S. economic recovery. In order to do so, Congress and the new Administration need to take the following actions to ensure that the past growth in the clean energy sector continues in the current economic environment. 1. Focus legislation on a strategy rather than individual programs by designing comprehensive, consistent and complementary policies to direct investments in renewable energy, energy efficiency and natural gas needed to jump start the clean energy economy; 2.
    [Show full text]
  • New Energy for States Energy-Saving Policies for Governors and Legislators
    New Energy for States Energy-Saving Policies for Governors and Legislators The Apollo Alliance apolloalliance.org Included in this Document Introduction (p. 1) Smart Funding for a Cleaner Tomorrow Sun, Wind, and Bio-Based Power 1. Public Benefits Funds (p. 30) 2. Bonding Initiatives (p. 31) 1. Interconnection and Net Metering (p. 5) 3. Clean Energy Funds (p. 33) 2. Decoupling (p. 6) 4. Pension Fund Investments (p. 33) 3. Renewable Portfolio Standard (p. 7) 5. Reducing Risk (p. 34) 4. Renewable Fuels Standard (p. 8) 6. Energy Savings Performance Contracts (p. 35) 5. Energy Efficiency Standards for Appliances (p. 9) 7. Leveraging Federal Dollars (p. 36) 6. Incentives for Renewable Energy Systems (p. 10) 7. New Generation Cooperatives (p. 11) Skilled Workers for our New Energy Future 1. Apprenticeship Utilization (p. 37) New Technologies to Conserve Energy 2. Job Quality Standards (p. 38) 1. Update Building Codes (p. 12) 3. Best Value Contracting (p. 39) 2. Energy Audits and Retrofits (p. 13) 4. Training and Certification (p. 40) 3. Green Building: Standards for Public Buildings (p. 14) 4. Green Building: Incentives for the Private Sector (p. 15) About the Apollo Alliance (p. 41) 5. Building Operations (p. 16) Indices 6. Renewable Energy Sources for State Buildings (p. 17) 7. Purchasing (p. 18) 1. Highlighted Policies in the Apollo Ten Point Framework (p. 42) Transportation Options and Efficient Fuel Use 2. Highlighted Policies by State (p. 43) 1. Improve Mass Transit (p. 19) Endnotes (p. 44) 2. Upgrade State Fleets (p. 20) 3. Incentives for Efficient Car-Use (p. 21) 4.
    [Show full text]
  • Near-Term Presidential Actions for Energy & Environmental Leadership
    Security Opportunity Stewardship PRESIDENTIAL CLIMATE ACTION PROJECT Plan B: Near-Term Presidential Actions For Energy & Environmental Leadership August 2010 EXECUTIVE SUMMARY Even if you doubt the evidence (of climate change), providing incentives for energy efficiency and clean energy are the right thing to do for our future, because the nation that leads the clean-energy economy will be the nation that leads the global economy, and America must be that nation. President Obama – State of the Union Address – Jan. 27, 2010 The most important long-term challenge facing the United States today is its transition to a clean energy economy. It also is one of the nation’s biggest challenges. Today, 84% of America’s total energy use comes from fossil fuels. But it is a challenge filled with opportunity. Deliberate progress toward greater energy efficiency and low-carbon renewable energy will make our industries more competitive, our economy more stable, our job creation more robust, and our nation more secure. If we expedite the transition, we will minimize our economy’s impact on the environment and reduce the impacts of global climate change. In 2009, the 111th Congress passed and President Obama signed the largest energy bill in American history – the American Recovery and Reinvestment Act. It included more than $80 billion of federal investments in energy efficiency and renewable energy resources. It was an important first step. Congress has failed, however, to take the essential next step: Implementing an economy-wide cap on greenhouse gas emissions and putting a price on carbon. While the most prominent climate and energy bills considered so far by the 111th Congress would be game-changers in our economy, they fall far short of reducing U.S.
    [Show full text]
  • The Obama-Biden New Energy for America Plan: Existing Technologies Contribute to Energy Goals
    28 Strategic Planning for Energy and the Environment The Obama-Biden New Energy for America Plan: Existing Technologies Contribute to Energy Goals By Robert S. Giglio, Director of Global Marketing and Strategy for Foster Wheeler Global Power Group ABSTRACT Diversifying energy sources is a key goal set out in the Obama- Biden New Energy for America plan. Reducing the nation’s depen- dence on oil has been called one of the greatest challenges our nation has ever faced. Quick and bold actions were proposed to transform the entire economy, “from cars and fuels, to factories and buildings.” At the same time, the plan recognizes the potential for dire consequences resulting from climate change caused by greenhouse gas (GHG) emis- sions, largely from the burning of fossil fuels for energy. Recognizing the nation’s responsibility to be part of the global climate change solution, the plan set ambitious goals to reduce GHGs by 80 percent by 2050. Since taking over the reins of power, the new administration has proposed a comprehensive plan to invest in alternative and renewable energy, end our addiction to foreign oil, address the global climate crisis, and create millions of new green energy jobs. Supporting the administration’s goals, the President’s budget includes more than $150 billion over 10 years in clean energy and energy efficiency, and a 10-year commitment to make the Research and Experimentation Tax Credit permanent. The funds support the administration’s position that investments in research and development today will pay off in high-quality green jobs tomorrow. Despite the positive steps taken, the overall energy policy goals are extremely ambitious, and it is questionable whether the programs ESCOS AROUND THE WORLD: LESSONS LEARNED IN 49 COUNTRIES Shirley J.
    [Show full text]
  • New Energy for Cities Energy-Saving & Job Creation Policies For
    New Energy for Cities Energy-Saving & Job Creation Policies for Local Governments The Apollo Alliance apolloalliance.org Included in this Document Introduction (p. 1) Invest in Renewable Power (p. 3) Build High-Performance Cities (p. 35) 1. Solar Energy (p. 4) 1. Rehab Building Codes (p. 36) 2. Geothermal Energy (p. 6) 2. Brownfield Redevelopment (p. 37) 3. Wind Energy (p. 7) 3. Location Efficient Mortgages (p. 37) 4. Biomass Energy (p. 8) 4. Transit-Oriented Development (TOD) (p. 38) a. Landfill Gas (p. 8) 5. Stop Subsidizing Sprawl (p. 39) b. Municipal Biomass Collection (p. 9) a. Fees and Charges for Infrastructure c. Methane Digesters (p. 10) Development (p. 39) d. Combined Heat & Power/Cogeneration (p. 11) b. TIF Reform (p. 40) e. Co-Firing (p. 12) 6. Smart Grid Expansion (p. 41) Create High-Performance Buildings (p. 13) Financing the Clean Energy Future (p. 42) 1. Updating Building Codes (p. 13) 1. Clean Energy Funds (p. 42) 2. Energy Audits & Retrofits (p. 14) 2. Bonding Initiatives (p. 43) 3. Green Building Standards for Public Buildings (p. 16) 3. Pension Fund Investments (p. 44) 4. Green Building Incentives for the Public Sector (p. 17) 4. Energy Savings Performance Contracts (p. 45) 5. Green and Efficient Purchasing (p. 19) 6. Building Operations & Maintenance (p. 20) Building a Workforce for the Clean Energy a. Information Technology (p. 20) Future (p. 46) b. Conservation (p. 20) 1. Job Training Standards (p. 46) 7. Innovative Approaches to Utilities (p. 21) a. Regional Energy Industry Partnerships (p. 46) a. Demand Side Management (p. 21) b.
    [Show full text]
  • Manhattan Institute for Policy Research, March 2015
    EF EF I M I I MANHATTAN INSTITUTE FOR POLICY RESEARCH R R B B SSUE SSUE I I No. 35 July 2015 STEP ON THE GAS! How to Extend America’s Energy Advantage Oren Cass EXECUTIVE SUMMARY Senior Fellow ow may seem an odd time to emphasize the impor- tance of increasing U.S. oil and gas production. Domestic output has reached an all-time high,1 prices have plummeted,2 and drilling activity is Nslowing in response.3 Job cuts in the industry are approaching 100,000.4 Headlines announce that the boom has already gone bust.5 Observers concerned about output typically worry that it is too high: that drilling will damage local environments; that cheap, abundant fossil fuels will frustrate progress on limiting carbon emissions; and that prospects for electric cars and wind turbines, which had enough difficulty becoming economically viable before fuel costs fell by half, will further dim. Yet failing to press America’s current energy advantage would be an enormous mistake. Demand forecasts indicate that any oil and gas glut is temporary.6 Further, U.S. energy policy, still based on an assumption of resource scarcity, is ill equipped to manage the new abundance. Indeed, America’s private sector has driven an oil and gas revolution in the face of, at best, am- bivalent federal policy. This paper suggests 11 reforms to help craft a smarter U.S. energy policy, one that will amplify the current boom and extend it far into the future: Published by the Manhattan Institute 1. Amplify the Boom (Reforms 1–5).
    [Show full text]