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Thursday, May 04, 2006

Have you introduced any new legislation to tackle high energy prices?

We have a major national energy problem on our hands, and just a few short months left before Congress adjourns for the year. This legislation, which has support from both Democrats and Republicans, would help our country make significant progress in our quest to free us from our dependency on foreign oil and natural gas. I hope we can get broad support for this legislation and get it to the president's desk.

Among other things, the Enhanced Energy Security Act of 2006 requires the federal government to develop a plan to save up to 2.5 million barrels of oil today by 2016, and by 10 million barrels by 2031. It also promotes the development of new technologies such as "plug-in-hybrids" and advanced light weight materials for use in vehicles.

It also expands the authority of the Secretary of Energy to provide loan guarantees and competitive grants to automakers and parts manufacturers to convert existing plants or to build new facilities for manufacturing fuel-efficient vehicles and vehicle components. And it would provide funds to states for programs to encourage motorists to retire vehicles that are inefficient, and for programs to reduce school bus idling.

The Energy Security Tax Incentives Act of 2006 extends the renewable energy, energy efficiency and alternative fuels and vehicles provisions in the 2005 Energy Policy Act through 2010. It also expands consumer credits for alternative fuel and hybrid vehicles by lifting the per manufacturer cap. And it establishes credits for advanced technology motor vehicle manufacturing and for fuel-efficient private fleets.

Separate legislation to increase conservation and to expand renewable energies are two parts of Bingaman's four-point, bipartisan strategy for dealing with high energy prices. The other components are passing consumer protection legislation that prevent price gouging, and increasing domestic energy supply by pressing for the lease-sale of Area 181.

The Enhanced Energy Security Act of 2006 was sent to the Senate Energy and Natural Resources Committee. The Energy Security Tax Incentives Act of 2006 was referred to the Senate Finance Committee.