A Quote by Jeff Bingaman
Today, energy prices are at historic highs. Some analysts estimate that energy price shocks this year could cost American consumers more than $40 billion. Speaking very frankly, we cannot afford this kind of expense.
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According to the Institute for International Economics, trade barriers cost American consumers $80 billion a year or more than $1,200 per family.
Quite frankly, I think nothing could do more to immediately bolster national security then enabling us to produce more oil and gas here at home at a price consumers could afford.
Far from being a drag on growth, making our energy sources more sustainable, our energy consumption more efficient, and our economy more resilient to energy price shocks - those things are a vital part of the growth and wealth that we need
By the year 2000, such renewable energy sources could provide 40 percent of the global energy budget; by 2025, humanity could obtain 75 percent of its energy from solar resources.
Falling prices are driving renewable energy investment in India, which rose 13 per cent last year and is expected to surpass 10 billion dollars in 2015. Adoption of increasingly cost-effective renewables holds the genuine promise of a new age of socio-economic development, powered by clean, increasingly decentralised, and sustainable energy. The opportunity for India is tremendous.
So long as oil is used as a source of energy, when
the energy cost of recovering a barrel of oil becomes
greater than the energy content of the oil, production
will cease no matter what the monetary price may
be.
Frankly, getting Mexico economically headed in the right direction with good energy policy - Canada, the United States, and Mexico have more known energy reserves than Saudi Arabia and Russia. So developing those and I think you'll see a major movement of people back into Mexico when that occurs when these prices get back. You're going to see a substantial development of the energy business in Mexico and Canada, domestic as well.
Not wasting energy. It is the least sexy, but the single most important and always the least expensive. You would be very interested in a report by the McKinsey consulting firm that concluded that 40 percent of everything that we have to do to mitigate our emissions are net economic winners. They are cost effective and the most cost effective is not wasting energy. That's actually going to be the largest part of this whole journey, I believe - using less energy with the same beneficial results.
Let's take energy, for instance. I understand that in some industries, the input cost of energy is a major factor in whether an industry is going to locate in the United States or go elsewhere. So, when, at Bain Capital, we started a new steel company called Steel Dynamics in Indiana, the cost of energy was a very important factor to the success of that enterprise.
We believe that part of the answer lies in pricing energy on the basis of its full costs to society. One reason we use energy so lavishly today is that the price of energy does not include all of the social costs of producing it. The costs incurred in protecting the environment and the health and safety of workers, for example, are part of the real costs of producing energy-but they are not now all included in the price of the product.
Renewable energy fits well into the conservative mindset by allowing competition into the energy markets so that consumers have choice. The system as it is, with big utilities monopolizing the energy playing field or fossil fuel energy being given massive subsidies so that they are on a kind of corporate welfare, is the antithesis of conservative principles.
There are wonderful low-interest loans you can take out to own your own solar and cut your energy bills down drastically. You can retrofit your home to become more energy efficient with on-bill financing, where the upgrades you make pay for themselves with the energy savings you generate. Ten years ago, there were only a few electric vehicles on the market, and today there are many, many more coming, and with each year the cost of them comes down.
What we do know is that the planet is going from 7 billion people today to 9 billion. More people want to live like us, drive American- size cars, live in an American-size home, and eat American-size Big Macs. What does that mean? It means that energy demand is going to be going up.
I expect an energy bill to increase and diversify supply and stabilize energy prices - not drive up energy costs in one part of the country to subsidize energy in another region.
Finally, we will have at our disposal additional revenues from unleashing American energy. The Institute for Energy Research cites a short run figure of as much as $36 billion annually from increased energy production, tremendous amounts of money.
The horn of dilemma of energy politics is what really drives concern about this energy in this country, at the gut level for most people, is high gas prices. And if you really want to fight global warming and try to reduce our carbon emissions, the cleanest, easiest, most rational way to do it would to make the price of gas even higher through very stiff gas prices.
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