The recent decline in the price of oil is providing some small relief at the pump and in heating oil bills. As I travel throughout Maine, however, it is clear that the people of our state are not feeling relieved, but instead are increasingly concerned.
That is because the people of Maine know that the drop in oil prices is not the result of any positive steps we have taken as a nation to achieve energy independence. It is not the result of increasing domestic energy production or of developing innovative renewable energy sources. Rather, it is the result of the current global financial crisis and the consequent decline in economic activity around the world.
While we must be confident that the economy will rebound, we must not miss this opportunity to build a new energy future. Indeed, I am convinced that investments in energy independence combined with American determination and ingenuity will enable us to build a stronger economy as we achieve energy security.
Maine is well-positioned to play a key role in this endeavor. When the Senate Homeland Security Committee held a hearing this summer on ways to reduce the nation’s dependence on foreign oil for the sake of our national and economic security, I was pleased to invite as a witness University of Maine Professor Habib Dagher, an expert on off-shore and geothermal energy. He spoke of the potential for wind power to supply as much as 40 percent of the nation’s energy, calling the Gulf of Maine, the “Saudi Arabia of Wind.”
Deep-shore wind production, out-of-sight from land, could provide an affordable source of renewable energy directly to the country’s population centers on each coast while supplying thousands of new jobs. In addition, it would diversify Maine’s electricity supply so that some people could switch from using oil to heat pumps for their homes. Dr. Dagher stated that with proper investment, we are only five to seven years away from developing the technology.
These bold and innovative ideas must be pursued to address America’s future energy needs. Solving the energy crisis requires the entrepreneurial spirit of the private sector, an understanding of the specific economic and environmental issues at stake, and a commitment to the research and development of new technologies. Some of the best ideas about what we need to do now and over the next five years are coming from people right here in Maine, such as Dr. Dagher.
It also requires action by government. From establishing a timeline for energy security to undertaking critical investments to stimulate research in alternatives to expanding production and conservation tax credits, government has a critical role to play. Above all, we must follow through.
At the same time, we must stimulate our economy in order to make these investments possible. I support a second stimulus package to boost the economy as recommended by the Federal Reserve Chairman and other experts. Among provisions I have proposed are a $50 billion infrastructure investment as contained in the Economic Recovery Act legislation I introduced in June, which would put people to work immediately in good construction jobs.
In addition, I support measures that would help small businesses create and preserve jobs, a temporary increase in Medicaid matching funds to help states avoid cuts in health care programs, and more tax incentives to enable consumers to winterize their homes, buy hybrid vehicles, and make other investments in energy conservation, which would help reduce our dependence on foreign oil while making conservation affordable to middle-income families.
The economic crisis and our ongoing energy vulnerability require decisive action to meet immediate needs and to implement long-term solutions. We have before us the opportunity to build a stronger economy and a more secure energy future, and it is an opportunity we must seize.