Hearing of the Oversight and Investigations Subcommittee of the House Energy and Commerce Committee - Selling the Department of Energy's Depleted Uranium Stockpile: Opportunities and Challenges
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REP. MIKE DOYLE (D-PA): Thank you, Mr. Chairman. I want to start my remarks by thanking you for holding this hearing so that Congress can look into this important matter. I don't believe there are many here on the Hill who are looking at this issue, so I applaud you for bringing the subject into the limelight.
Every one of us, those who support nuclear power and those who are opposed to nuclear power, can agree that one of the concerns with nuclear power is the disposal of the waste that results from the power it produces. Clearly, this same waste is produced with the manufacture of nuclear weapons also. And the cost of storing and treating this waste is a major burden on the Department of Energy.
However, as the price of uranium has increased, I believe the Department is facing a golden opportunity. We have the chance to turn a major liability into a valuable commodity through which the Department can generate new revenue to help expand their mission as we move towards energy independence and combating global warming. And in the long run, we'd be taking the first step towards eliminating one of the biggest concerns regarding nuclear power.
I applaud the secretary for his statements of March 12th where he said the Department was going to begin to look at setting up a process through which they would sell off up to one third of their depleted uranium tails over the next 13 years. My concern is that the studies and the bureaucracy of the Department may lead to a long process that will not conclude until a point when the price for uranium has dropped to a level where the enrichment and sale of the Department's nuclear waste is no longer economically viable.
Let's be real here. The only reason we are looking at this matter is because the price for uranium is at near record levels. Like any other commodity, its price will fluctuate, and it's critical that the Department acts quickly so that they can maximize the value of this depleted uranium. Time is not on our side, and we do not have time for countless studies or years of rule making before the next Administration puts a policy in place. It's rare that government has a chance to turn a liability into an asset, and we need to move forward aggressively so that we don't miss the opportunity.
As we'll see here in this hearing, there are many questions out there regarding issues ranging from the authority for the sales through where the money generated from the sales go. I for one believe that this committee is ready to work on a bipartisan basis to do our part to ensure that the Department has the legislative authority it needs to move forward expeditiously. I look forward to hearing from our witnesses, what specific actions they believe we should take.
However, one concern I do have in particular is where the money from the sale goes. As I understand it, the money generated from these sales will go to General Treasury. Considering that the Department is already paying for the storage of these materials out of their woefully inadequate $25 billion annual budget, it seems to me that the Department should receive all of the funds that are generated from the sale of its waste. This walled off approach will give the Department more of the tools they will need if we've ever going to be able to adequately address the dual challenges of energy independence and global warming.
In conclusion, Mr. Chairman, we are looking at turning a -- looking at a golden opportunity to turn a liability into an asset. Our biggest challenge isn't partisanship, mass opposition to a sale, or Administration push back. Our challenge is time and the prospect that prices will fall over time. We must act quickly, we must act intelligently, and we must act with focus. Let's not let this opportunity go to waste.
With that, Mr. Chairman, I yield back my time.
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