Our dependence on foreign oil threatens our economy and hamstrings our national security. Imported oil accounts for about one-third of our trade deficit, with much of that money going to regimes we would never choose to subsidize. ...And, if all that weren't enough, our dependence on oil is hastening the threat posed by global climate change. Energy production and use in transportation and electricity generation account for more than three-quarters of U.S. greenhouse gas emissions."

-- Hillary Rodham Clinton

Like so much else, America's energy policy is going in the wrong direction. We actually import more oil from the Gulf today than before the beginning of the Iraq War. Increased energy costs are squeezing American businesses and consumers, with working families paying more to go to work, while seniors face too-high bills to heat their homes.

Yet, the Bush administration continues to support increased subsidies for oil and gas companies that are already making record breaking profits.
Hillary believes we must change course.

"Assess the oil companies an alternative energy development fee, taken solely out of unanticipated profits from sky high oil prices, to be put into a new Strategic Energy Fund. The Fund would promote adoption of existing clean energy and conservation technologies; stimulate research and investment by the private sector into the next generation of energy technologies; and help consumers cope with spiraling energy costs.

It's not about new energy taxes on consumers - it's about redirecting the hidden 'tax' that middle class Americans are already paying to OPEC and the oil companies in the form of higher prices and harnessing it to secure our energy future."

Hillary believes we must invest in reducing demand for oil by getting more hybrids and other advanced technology vehicles on the road; we should expand consumer tax credits for these vehicles and offer incentives for American automobile manufacturers to produce new, even more efficient technologies.

To reduce demand for electricity and natural gas, we should be doing much more now to make homes and businesses energy efficient. But the President’s budget cuts back on efficiency, such as a program for low-income housing that reduces heating bills an average of 31%!

We also need to develop and deploy alternative sources of energy. The largest wind farm east of the Mississippi is being built in upstate New York, and a large biofuels facility is planned nearby. These renewable energy projects will help achieve energy independence and strengthen rural economies. We should be expanding use of these and other alternative sources of energy, including geothermal and solar.

And we must increase funding for energy research. Hillary has sponsored legislation to create an Advanced Research Project Agency within the U.S. Department of Energy, as recommended by the National Academy of Sciences. This new agency would fund a diverse portfolio of cutting-edge energy research projects to reduce oil dependence, increase energy efficiency, and reduce greenhouse gas emissions.

"This is a nation of innovation when we set our minds to it," Hillary said. "We know investment in public-sector research works - it's what brought us the Manhattan and Apollo Projects and the Information Age, from the Internet to Google and beyond. ...

The energy revolution can be as big and important as the industrial revolution and the explosion of the information age."

For the sake of our future, we must change the direction of America's energy policy. Hillary will be addressing this important issue in the coming weeks. If you are interested in learning more, please let us know by clicking here.