Hearing of the Energy and Power Subcommittee and the Commerce, Manufacturing, and Trade Subcommittee of the House Energy and Commerce Committee - Opening Statement of Rep. Waxman, Hearing on Natural Gas

Hearing

The United States is in the middle of a boom in natural gas production. Development of
shale gas, tight gas, and other unconventional resources have contributed to lower prices and positioned the country to be a net exporter of gas. This is a sharp reversal from previous years.

As we'll hear today, U.S. manufacturers across a number of industries have benefited
from lower natural gas prices and plan to expand their domestic operations. Even foreign chemical companies are choosing to invest in the United States to take advantage of relatively low manufacturing costs.

At the same time, however, natural gas producers are pushing to open new export
markets for liquefied natural gas.

I can understand why some manufacturers in energy-intensive industries are concerned that high volumes of natural gas exports will increase domestic prices. I look forward to hearing the perspectives of today's panel of witnesses on this issue.

The good news is that we don't need to rely on low energy prices alone to spur our
country's manufacturing sector. Instead, we can be proactive and enact policy that positions the United States to be a global leader in one of the fastest growing markets--the clean energy technology sector.

The International Energy Agency says that the world needs to invest trillions of dollars in renewable and other clean energy technologies over the coming decades in order to avoid the worst impacts of climate change. That could translate into high-tech jobs and prosperity in our country.

But we are at risk of missing out on this opportunity. At a time when the global clean
energy market is getting more competitive, the United States has started to lag behind.

In 2012, China's levels of clean energy financing surpassed the United States for the first time. China attracted $65 billion in global clean energy investment, while the United States attracted $36 billion. According to the Pew Charitable Trusts, who we will hear from today, the United States does not even rank in the world's top ten for clean energy investment growth.

Year after year, House Republicans have proposed a budget that would slash funding for
clean energy and energy efficiency programs. That is exactly the wrong approach and one that will hurt our nation's competitiveness in this growing market.

We need to invest more in advanced energy technologies. We need to stimulate domestic demand by setting a national goal for development and deployment of clean energy. We also need to ensure that incentives for private investment, such as clean energy tax credits, are stable rather than subject to political whims on an annual basis.

Together, these steps will create the certainty needed to spur clean energy investment in the United States and increase domestic manufacturing of clean energy technologies. And that will ultimately bring great benefits to the country and the climate.

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