Letter receive from Senator Jeff Bingaman to Lori H Eilar Concerning New Mexico Energy Concerns
Thank you for contacting me regarding our Nation's energy policies. I appreciate your taking the time to share your opinions with me.
As Chairman of the Energy and Natural Resources Committee, I have been promoting an energy agenda that focuses on conservation and renewable energy initiatives. It is essential that we use energy more wisely, expand the use of renewable fuels, and reduce greenhouse gas emissions. I am confident that these steps will also make our Nation more secure by reducing our dependence on foreign oil.
To this end, I helped author the Energy Independence and Security Act of 2007. A key provision of the new Act establishes greater vehicle fuel economy by increasing fuel economy standards (or CAFE standards) by 10 miles per gallon over 10 years. Another major increase in the wise use of energy will come from a major increase in efficiency standards for lighting, particularly form light bulbs. These new standards will result in major savings for consumers on their monthly electricity bills.
The Act will also boost renewable, homegrown fuel supplies and provide for the development of carbon capture and storage technology through increased innovation. Carbon capture and sequestration is a key technological tool for reducing our greenhouse gas emissions. In addition, the Act protects consumers by enhancing federal authority to prevent and prosecute manipulation of fuel supplies and anti-competitive behavior, and by increasing the transparency of petroleum markets.
I have also consistently supported tax incentives for the development and production of renewable energy. To this end, as Chairman of the Subcommittee on Energy Taxes of the Finance Committee, I have strongly supported energy tax incentives to spur investment in crucial renewable energy sources. These tax incentives focus on providing incentives for energy production from clean technologies, such as wind and solar, which are important for not only reducing our dependence on foreign oil, but also reducing our carbon emissions. I am pleased to inform you that the Congress adopted these tax incentives on October 3, 2008 and they have been signed into law by the President. It is my hope that these tax incentives will promote renewable energy development, and I will continue to promote renewable energy.
Additionally, I am including a copy of a speech that I recently gave that outlines some of the goals I hope to accomplish in the 111th Congress. Please be assured that I will keep your comments in mind as we address energy issues in the Senate.
Again, thank you for writing. I hope you will continue to keep me informed of issues of importance to you and your community.
United States Senator