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Today, our economy is 70 percent dependent on foreign energy sources for gasoline, most of which we get from hostile countries. Over the next ten years, if no action is taken to increase energy sources, it is estimated that the U.S. will spend $10 trillion on foreign oil, much of it going to Saudi Arabia, Iran, Venezuela, and other OPEC cartel countries.

The OPEC oil cartel controls more than three quarters of the world’s global oil reserves and severely restricts both supply and access to its oil fields. This has caused a dramatic spike in the price of oil, which not only hits consumers at the pump, but harms nearly every aspect of the economy.

I am working on legislation to lift the prohibitions imposed on new domestic energy production— from nuclear, to oil and gas exploration, to oil shale, to coal liquefaction into gas, to new windmills and large solar projects, and to gas refineries.

These moratoriums help drive up energy costs and risk sinking the economy. The prohibition on exploration must be relaxed as we continue the development of new lithium-ion car batteries and flex fuels, which will make our vehicles less dependent on foreign oil. New, clean technology is doubling car battery capacity every two years for hybrid vehicles. Yet even as these advances compound, we must lift the moratoriums on new energy sources in the U.S. to drive down the price of gas. The Chairman of the Federal Reserve Board testified that oil supplies are so tight that a one percent increase in supply could drop the price of oil by ten percent.

I am an original cosponsor of the "American Energy Act" which will increase the supply of American-made energy, improve conservation and efficiency, and promote renewable and alternative energy technologies. This legislation will open up our deep water resources, open the Arctic coastal plain, allow for development of our nation's oil shale, and cut red tape to allow for the construction of new refineries - refineries that haven't been built in over 30 years in this country.

This legislation also provides tax incentives for businesses and families that purchase more fuel efficient cars. It also provides tax incentives to those that improve their energy efficiency. It permanently extends the tax credit for alternative energy production, including wind, solar and hydrogen. Barriers to the expansion of emission-free nuclear power production are eliminated in this piece of legislation. It spurs the development of alternative fuels.

Renewable and clean energy sources like nuclear, wind, solar, and lithium-ion car batteries for electric hybrids will provide the base of our energy supply in the future. Improvements in vehicular fuel efficiency have also helped, benefiting the environment and lessening our reliance on oil. In the interim, however, it is vital that we tap into our natural resources. A now restricted Alaskan site has an estimated 10.6 billion barrels of oil, and the oil shale reserves in Colorado, Utah, and Wyoming hold nearly 1.8 trillion barrels of crude oil, but are closed to exploration.

It is vital that we utilize our nation’s vast energy supplies. At the same time, we should continue to develop new, clean technology. This would significantly reduce our use of foreign oil. Doing so is an economic necessity and is vital to our national security.