Issue Position: Securing Energy Independence

Issue Position

Spikes in gas prices take a bite out of family budgets, leaving less money for groceries and other necessities. As I've filled up my Buick on the campaign trail across South Dakota, it's pretty easy to see how high fuel prices can cripple local businesses, when money that could have been spent on a family night out or a community event instead gets pumped into the gas tank.

Though we have made progress in recent years, our addiction to foreign oil remains a major liability for our country. Congress needs to work proactively to blunt the effects of gas prices and move us toward energy independence.

In the short-term, we need to continue responsible expansion of domestic oil and gas production, continuing the progress of recent years in places like North Dakota. There's also plenty of evidence that Wall Street speculators contribute to price spikes, and I support giving the Commodity Futures Trading Commission (CFTC) greater authority to crack down on excessive speculation. Big Oil companies will resist anything that holds down the price of a barrel of oil, and they've spent a fortune on an army of lobbyists and campaign contributions to members of Congress to ensure their gravy train keeps on rolling.

No one expects oil companies to operate like charities, but their jaw-dropping gains are bleeding our economy. We cannot afford to fuel a never-ending growth in their profit margins through artificially inflated oil prices. For that matter, we should also end taxpayer subsidies for these extremely profitable companies. I've also pledged not to accept a dime of campaign contributions from Big Oil, so South Dakotans can rest assured that I am free to stand up to Big Oil on behalf of consumers.

I'll also work to enact a long-term strategy for energy independence. That strategy should include aggressively investing in research and development of technologies that improve energy efficiency. We should also push forward with expansion of renewable energy sources, including home-grown biofuels like corn ethanol, cellulosic ethanol, and biodiesel.

In the electricity sector, coal and hydroelectric will continue to fuel base-load generation for the foreseeable future. We should recognize this and do all we can to maximize the efficiency of these resources in cost-effective ways. Falling costs for natural gas and wind generation present opportunities to expand our reliance on these technologies. When it comes to wind, we should accelerate this expansion with policies that will finally help us take advantage of South Dakota's exceptional wind resource.

Pursuing domestic and renewable energy production will stimulate our economy here at home, and free us from unfriendly nations. America really can be a world leader in developing, manufacturing and exporting clean reliable energy to the rest of the world. Let's create jobs in America and keincentativesep our dollars circulating in our own communities. With the right federal incentives and investments, we can have a more secure and cost-effective energy infrastructure.

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