With oil gas prices rapidly approaching the $4.00 per gallon mark, and oil prices exceeding $100 per barrel, we need a new approach in our Nation's energy policy which decreases our dependency on foreign oil, reduces our carbon footprint, and promotes new alternative energy sources to meet our needs. Laws that require government departments to buy at least 25 percent of their capital goods by using products that rely solely on renewable energy sources will stimulate a "green market" that will empower investors, inventors, and workers to break our dependence on foreign oil.
While Americans today are paying more than ever at the pump, American oil companies are recording record profits -- some as high as $40 billion per year. For this reason, I have supported the criminalization of oil cartels (such as OPEC) when oil producers bind together to force Americans to pay a higher and arbitrary price for oil. I also saw no reason why American taxpayers should pay for American Oil companies' exploration of new gas and oil deposits, especially when these companies are reporting record profits in the tens of billions of dollars. In this vein, I opposed Dick Cheny's energy legislation, which only served to subsidize his former employers. In order to reduce our dependence on foreign oil, I support the development of, and investment in, new technologies which use less and alternative fossil fuels, impact our environment less, and start to reverse the impact of global warming.
Given our current dependence on foreign oil and the challenges of global warming, we need to develop and promote alternative fuels. For this reason, I supported the implementation of the Kyoto Accords, raising the CAFÉ standards, and providing incentives for alternative fuels. As a new approach to these issues, I propose that we provide further tax breaks to the installation of alternative energy sources which produce little or no carbon footprint and dedicate tax dollars to the development of zero carbon footprint energy sources.