Hagan: New Bipartisan U.S. Senate Energy Bill Is A Sensible Plan That Finally Addresses Energy Problems

August 4, 2008

Greensboro, NC- State Senator and U.S. Senate Candidate Kay Hagan (D-Guilford) today voiced her support for the bipartisan legislation put forward by the “Gang of 10,” which addresses our nation’s energy problems, and helps provide both short-term and long-term solutions to this problem. The bill, which Elizabeth Dole has not signed on to, is an approach that attacks the energy crisis with a number of aggressive and innovative options — including some offshore drilling and heavy investments in renewable energy and alternative fuels.

“Throughout this entire campaign, I’ve stressed the need for Washington to come together around a good idea, regardless of whether there is an “R” or a “D” attached to it,” Kay said. “While 10 of her colleagues have come together to forge a commonsense compromise, Elizabeth Dole is nowhere to be found, more interested in scoring political points than solving problems. While the bill is not perfect, I have learned during my time in the Senate that compromise and consensus are necessary if we are to get anything done. Doing nothing or political posturing and grandstanding are not an option when working families are paying $4 per gallon for gas.” If Kay were in the U.S. Senate, she would work with her colleagues to ensure North Carolinians benefit from this bill first and foremost.

Kay, who has been talking to consumers at gas station stops throughout the state since releasing her own energy plan in April, has stressed the need to increase energy efficiency and invest in renewable energy, which this plan includes. Kay believes we need a comprehensive approach to solving this energy crisis saying, “We need to end the Bush-Dole-Big Oil approach to energy policy that created our dependence on foreign oil. This plan is balanced and provides a number of comprehensive approaches that lower energy costs and reduce dependence on foreign oil.” Kay continues to believe that Big Oil and Gas should expand production in the 68 million acres of land they currently have leased and are not using, including the 32.5 million acres offshore, before looking to open new leases offshore. However, in order to reach a bipartisan solution to this pressing problem, Kay is willing to support this bill, which does allow some expanded offshore drilling, at the discretion of individual states.

Importantly, this new plan includes funding for R&D and incentives for automobile manufacturers and consumers so America can transition 85% of new motor vehicles to non-petroleum based fuels within 20 years and install pumps for these fuels. It also includes tax credits and incentives to invest in new technology to use energy more efficiently, to help consumers purchase fuel efficient vehicles like hybrids and plug-ins, and R&D funds to increase fuel efficiency and to develop the next generation of biofuels.

Kay has repeatedly called for repealing the $17 billion in tax incentives Big Oil and Gas are currently receiving from Elizabeth Dole and President Bush, using those funds to invest instead in renewable energy and new technologies that expand energy production in America and create jobs that can’t be exported, a strategy adopted by the new bipartisan plan. Kay would also like to see more done to crack down on speculators who are artificially driving up the price of oil while reaping record profits.

While Kay is endorsing a bipartisan solution to our nation’s energy concerns, Dole has remained silent on this comprehensive compromise and has continued to be part of the problem — accepting hundreds of thousands of dollars from Big Oil and Gas, voting to give them billions in special tax breaks and letting them keep them, and voting against lowering gas prices by cracking down on speculators.

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