WASHINGTON, D.C. – Ask folks in Calhoun County what’s on their minds and you’ll likely hear them say high gas prices. You may also hear folks talk about their concerns about the strength of our national economy.Most folks know the higher gas prices go, the harder it is for the economy to grow – and it hurts working folks, our seniors, and folks on fixed incomes the most.
That’s one reason why it’s socking when we hear of record profits at the world’s energy companies. Last year alone Big Oil made over $123 billion dollars in profits.
With talk of $4 gas by the beginning of summer, it seems wrong that Big Oil is raking in the profits while working folks are feeling such pain at the pump.
This week, you may have seen executives from Big Oil were in Washington to testify again before Congress.
In the short term, as these executives testified most folks know there are few good answers to help bring down gas prices. Long term, though, Congress can play a significant role in helping increase our energy independence and ultimately bring down the cost of energy.
Up in Washington, the House recently passed a bill that seems like a reasonable approach. H.R. 5351, the Renewable Energy and Energy Conservation Tax Act of 2008, is a bill that provides billions in income tax credits to help develop home-grown alternative energy sources and encourage energy conservation and efficiency.
To pay for these efforts, the bill would eliminate some of the tax breaks and subsidies for Big Oil. I was proud to support this bill and hope it will get a fair hearing in the Senate later this year.
After all, energy independence really is a question about national security. Congress must make it a national priority, and there is no doubt we Americans can solve this challenge if we set our minds to it.
It starts with working to decrease our reliance on foreign sources of energy, and in turn invest in home-grown energy sources like cellulosic ethanol and nuclear power.
We also need to increase our exploration of domestic energy sources right here at home, like those found off Alabama’s coast in the Gulf of Mexico and in the Alaska’s Artic National Wildlife Refuge.
Congress must get out of the way and allow energy companies to safely have access to more of our domestic energy sources.
But Congress should also help fund new energy independence initiatives. While I certainly believe our energy companies deserve to make a profit for their shareholders, it is impossible to defend some of their tax breaks when the prices for oil and gas are at record levels.
While Alabama’s February unemployment rate was 3.7 percent, down from 4 percent in January, and new industries are continuing to locate here, it’s clear the strength of our economy is a concern.
Hopefully, many folks in Calhoun County will soon be receiving tax rebates from the recently passed Economic Stimulus plan right when they need it. For more information visit www.irs.gov or contact me or a member of my staff at www.house.gov/mike-rogers.
