In 2008, we have seen oil and gasoline prices jump to record highs. It costs New Yorkers more and more to heat their homes and fuel their cars. These high prices are hurting New York ’s people and its economy. Yet despite the clear pressure these prices place on consumers, oil companies continue to enjoy record profits. To ease the pressure on New Yorkers in the short term, I have called on the President to release oil from the Strategic Petroleum Reserve (SPR) and have been a strong advocate for the the Low-Income Home Energy Assistance Program (LIHEAP). But to tackle our long term challenges, we need a real energy policy that will reduce our dependence on foreign oil and speed development of clean energy technology.
Last year, we made progress towards this goal by passing the Clean Energy Act of 2007. I was proud to support this important bill, which was signed into law in December 2007. The new law increases fuel economy standards for new cars and trucks from 25 to 35 miles per gallon by 2020, calls for a new target of producing 36 billion gallons of renewable biofuels by 2022 and institutes stronger efficiency standards for residential boilers, dishwashers, clothes washers, refrigerators, dehumidifiers and electric motors. Altogether, these provisions will increase our energy independence and reduce the greenhouse gas emissions that are causing global warming.
That bill was an important step forward, but we came up several votes short on two other important energy reforms in 2007. First, we need to reform our energy tax system to shift incentives away from polluting energy sources and toward clean energy technologies. To accomplish this goal, I have reintroduced the Strategic Energy Fund Act of 2007. This bill would establish a $50 billion Strategic Energy Fund paid for by eliminating tax breaks for oil companies and making sure they pay their share for drilling on public lands. The Fund would be used to support the deployment of wind, solar, biofuels and other clean energy technologies. Unfortunately, Republican opposition in the Senate blocked passage of energy tax reform along these lines several times in 2007. Republican opposition also blocked a measure to set a national goal of producing 15 percent of our electricity from wind, solar and other renewable sources. I will continue to push for these bills in 2008.
In addition, I am working to protect consumers by cosponsoring the Petroleum Consumer Price Gouging Protection Act and the Close the Enron Loophole Act. These bills would enable the President to declare an energy emergency and trigger federal gouging protections to ensure that consumers do not fall victim to unscrupulous profiteers. It would also increase transparency in the retail and wholesale markets to provide a clearer picture to government regulators and consumers about how gas prices are set.
The high prices New Yorkers pay at the pump are the rising costs of a failed energy policy. I will continue to stand up for sensible steps to ease the pressures of today and put our nation on course for a clean energy future.
Listed below are a few highlights of my work on this issue.
