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There is no question record high energy prices are placing a heavy financial burden on Hoosiers. I am taking action to bring Hoosiers relief by co-sponsoring the Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act, which would lessen world-wide demand for oil by temporarily suspending shipments to the Strategic Petroleum Reserve (SPR). Created in the wake of the 1973-74 oil embargo, the SPR provides the U.S. with an emergency stockpile of crude oil for use during significant disruptions in commercial oil supplies. The SPR consists of a series of underground storage caverns along the Texas and Louisiana Gulf Coast with a storage capacity of 727 million barrels of oil. Currently, it is over 96 percent full with 700.9 million barrels in storage. The bill would temporarily suspend additional deposits to the reserve for the remainder of 2008 or until the average price of petroleum falls below $50 a barrel for 90 days.
One of the most important tasks this Congress must accomplish is passing legislation that puts our country on a permanent path toward energy independence and reduces our addiction to oil. I believe the best way to achieve this goal is through a combination of more efficient energy use and aggressive renewable energy development. Using less energy and producing more home-grown alternatives is good policy, both from an economic and from a national security standpoint.
That's why I supported historic increases in Corporate Automobile Fuel Efficiency (CAFE) standards and a robust Renewable Fuels Standard (RFS). Specifically, the Creating Long-Term Energy Alternatives for the Nation Act raises fuel efficiency standards to 35 miles per gallon by 2020. This is the first increase since 1975 and, once implemented, could save Hoosier families an average of $700-$1000 per year at the pump. The bill provides flexibility to automakers to ensure the new standard will be reached without jeopardizing American manufacturing jobs. I believe this represents a common sense compromise between Congress and the automakers. The bill also calls for the production of 36 billion gallons of traditional and advanced bio-fuels by 2022. Producing new automobiles that use less gas, and supplementing oil with home-grown fuels will drastically reduce the amount and cost of the oil we use each year.
Congress must provide adequate investment in the development of the renewable energy industry if we are going to meet the growing demand for home-grown energy sources. That's why I was proud to vote for the 2007 Farm, Nutrition and Bioenergy Act, which authorizes significant investments in renewable energy. The bill provides $1.5 billion in incentives for the production of advanced biofuels and $2 billion in loan guarantees to develop refineries that process renewable fuels.
Rising fuel costs are just one of the issues this Congress has attempted to address as we consider a comprehensive solution to the energy challenges we face. We also must take into account the economic and environment effects of our energy policies. I support production tax incentives to spur new renewable energy innovation in the electricity industry and efficiency standards to ensure that the products Americans use consume less electricity.
From my position on the House Agriculture Committee, I will continue my work to ensure the 8th Congressional District is positioned to become a national leader in the production of home-grown energy alternatives. Learn more about my activities on the House Agriculture Committee
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