Gas prices continue to soar in Western New York and across the country, taking a toll on Americans’ pockets not only at the pump, but by driving up the cost of many goods that must be transported to market.
To combat rising gas prices, the House passed several measures this year including:
- legislation to temporarily suspend petroleum acquisition for the Strategic Petroleum Reserve, which will increase the supply of oil on the market by 70,000 barrels a day;
- legislation to authorize the Justice Department to take antitrust action against foreign-owned oil companies that act collectively to limit the production of oil or set its price; and,
- legislation to extend and expand tax incentives for renewable and alternative energy sources.
Yet while these initiatives may provide some much needed measure of relief, the truth is that a lasting decrease in fuel prices will not come about as a result of a quick-fix. It is a long-term problem that requires a long-term solution. Congress took a good, first step toward implementing that solution when we passed the Energy Independence and Security Act of 2007. This bill increases vehicle fuel efficiency standards, which will help save American families $700 to $1,000 per year at the gas pump; enhances new building and appliance energy efficiency standards; and creates a $3,000 tax credit to help working families afford hybrids and plug in vehicles.
But we can and must do more. Today’s fuel efficient cars can get much higher mileage than we currently enjoy, and the technology of the future holds untold prospects. With today’s technology and proper investment, wind power could provide 20 percent of the US domestic energy needs by 2020. Not only will investment in this technology drive down energy prices, it will create green manufacturing jobs that can revitalize areas like our own. It is crucial that Congress support research into these new technologies by fully funding the National Academy of Sciences and other federal research agencies, and by stimulating the private sector through long term extension of tax incentives for alternative energy development and use.
