Markey: Oil Price Record is Broken Record for American Energy Policy
Contact: Select Committee, 202-225-4081
Markey: Oil Price Record is Broken Record for American Energy Policy
Passing Energy Bill Would Reduce Oil Dependence, Increase National Security, Says Chairman
WASHINGTON (October 15, 2007) – Today, the price of a barrel of crude oil reached a new record of over $85 per barrel, as worries over Middle East tension and winter fuel supplies increased. Rep. Edward J. Markey (D-Mass.) called for the passage of an energy bill currently being considered in Congress that would save more than twice as much oil as America currently imports from the Persian Gulf by 2030.
“The failure of the this Administration to break our oil addiction is killing small businesses and burdening families throughout America,” said Rep. Markey, who is Chairman of the Select Committee on Energy Independence and Global Warming. “The Congress is poised to move energy policy in a whole new direction -- away from oil and towards energy efficiency and renewable energy -- because people are tired of paying premium prices for an empty-tank energy policy. The President bet our country's future on oil and lost. We are more dependent than ever on unstable sources of oil that compromise our foreign policy priorities. He has violated the first law of holes -- which is when you're in a hole, stop digging."
A recent Energy Information Administration short term energy outlook pointed to increased cost for heating fuels, including natural gas; crude oil prices that will stay above $70 per barrel; and a colder winter that will lead to increased demand for energy.
Congress is currently considering two energy bills passed by the House and Senate that would reduce oil dependence and increase energy efficiency, helping to stabilize prices and help American families. The bill passed in the Senate would increase the fuel economy of America’s vehicles to 35 miles per gallon by 2020, saving nearly twice as much oil as we currently import from the Middle East by 2030. The House bill contains groundbreaking provisions to increase our use of renewable energy and make our appliances and buildings more efficient. It is estimated that, by 2030, the energy bill will reduce the total amount of U.S. heat-trapping emissions by roughly 40 percent of what’s needed to save the planet from dangerous global warming.
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PLEASE NOTE: The House Select Committee on Energy Independence and Global Warming was created to explore American clean energy solutions that end our reliance on foreign oil and reduce carbon pollution.
The Select Committee was active during the 110th and 111th Congresses. This is an archived version of the website, to ensure that the public has ongoing access to the Select Committee record. This website, including external links, will not be updated after Jan. 3rd, 2010.
The Select Committee was active during the 110th and 111th Congresses. This is an archived version of the website, to ensure that the public has ongoing access to the Select Committee record. This website, including external links, will not be updated after Jan. 3rd, 2010.
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