Our dependence on foreign oil puts our national security and economy at risk. We see this risk each time instability in the Middle East hits our pocketbooks at the pump. We need to invest in an energy future that's abundant, affordable and American, while finding ways to keep energy prices down as we transition.
One way to keep energy prices down is to fight unnecessary speculation in oil markets. Exxon/Mobile and the investment bank Goldman Sachs have reported that speculation accounts for roughly 1/5 of the price of a barrel of oil. John has fought for stronger oversight of the commodities market to be included in the Dodd-Frank Wall Street reform bill. Now, thanks to Wall Street reform, the Commodities Futures Trading Commission has the authority to crack down on excessive and abusive oil speculation that adds to the price of gas and home heating oil.
Ending our country's dangerous dependence on foreign oil makes our nation safer, our air cleaner and will help make America a global leader in renewable energy. Over the last two years John has voted against Republican bills that would gut our nation's clean water funds, while reiterating his support for alternative energy sources such as wind, solar and fuel cell technology. John supports President Obama's initiative to increase mile-per-gallon standards and strongly believes that we should be exploring alternative fuels such as natural gas. Last year John introduced the bipartisan NAT GAS Act, which looks to incentivize companies to replace diesel-powered fleets with natural gas trucks.