All Eyes on Energy Security in Washington, D.C.

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    All Eyes on Energy Security in Washington, D.C.

    PR Newswire

    With $4 per gallon gas prices, legislators need to get serious about a coherent energy plan to support the country's growing demand

    WASHINGTON, May 12, 2011 /PRNewswire-USNewswire/ –The American Association of Blacks in Energy (AABE) and The Hill brought together the Chairman of the Energy and Commerce Committee, Fred Upton (R-MI), former Congressman Harold Ford, Jr. (D-TN), and other policy leaders to discuss energy policy at an event today in the U.S. Capitol.

    In addition to Chairman Upton and Mr. Ford, Kevin Book of ClearView Energy Partners, Karen Harbert with the U.S. Chamber of Commerce, and David Owens of Edison Electric Institute all presented.

    Congressman Fred Upton (R-MI), Chairman of the House Committee on Energy and Commerce

    To create a more secure energy future, we need abundant, affordable, and predictable energy supplies. Unfortunately, current policies and regulations are keeping domestic resources under lock and key. ?It's time for an all-of-the-above approach to American energy policy ? one that eliminates bureaucratic barriers and promotes job creation through the development of all forms of domestic energy.

    Harold Ford, Jr., Former Congressman (D-TN), Professor at New York University's Wagner School of Public Service

    Regardless of who's to blame, gas prices are blocking the economic recovery we need, and adding an additional burden that many families and businesses across the country cannot afford. We must discuss long term energy plans that embrace all of our available energy resources; including wind and solar, but also natural gas, oil, and coal. Measures that put any of these resources at a disadvantage simply add to the problem.

    Karen Harbert, President and CEO, U.S. Chamber of Commerce's Institute for 21st Century Energy

    The lack of a coherent energy policy for decades is finally catching up with us. ?The U.S. spent $72 billion more on imported oil last year than it did in 2009, yet 85 percent of our resources are still off limits. ?It's time to let America's energy industry get to work both on and offshore in order to create jobs and increase our energy security.

    Kevin Book, Managing Director of Research, ClearView Energy Partners

    Current U.S. tax treatment for domestic oil companies is fundamentally similar to other U.S. industrial multinationals, and it's not clear to me how hurting any American company's global competitiveness will help our economy. The difference with oil is capital intensity. Here's an underappreciated fact: it takes a lot of cash to get oil out of the ground. Higher taxes leave less cash to invest in future production, setting up higher prices and tighter supply.

    David Owens, Executive Vice President of Business Operations, Edison Electric Institute (EEI)

    Current high gas prices are the result of concerns in the market over volatility around the globe and diminished energy production here at home. We need more domestic production of energy from coal and oil and gas to the promise of natural gas to help alleviate the supply and demand pressure and stabilize the market.

    This morning's energy policy briefing was sponsored by the American Association of Blacks in Energy in coordination with The Hill Newspaper. The discussion can be viewed in its entirety on HillTube.com.

    To learn more, please visit AABE's website: http://www.aabe.org/.

    SOURCE American Association of Blacks in Energy