Rhode Island news
Whitehouse lists objectives to end U.S. dependence on foreign oil
01:00 AM EDT on Wednesday, August 9, 2006
PROVIDENCE -- Democratic U.S. Senate aspirant Sheldon Whitehouse yesterday called for a mix of regulation, innovation and tax credits to wean the U.S. economy off its dependence on foreign oil, and said the nation should establish a major program to promote energy independence.
"We are in an energy crisis and we have no choice but to innovate our way out of it," Whitehouse said yesterday.
Whitehouse, the endorsed Democratic Senate candidate, said in a Journal interview that he has three energy objectives -- protection of national security, economic growth and jobs in the United States, and protection of the environment.
The country needs an "Apollo Project" similar to President John F. Kennedy's man-on-the -moon program, Whitehouse said. "The challenge of becoming independent of foreign oil by 2020 will require a focused effort to harness the spirit of American innovation."
Dependence on Middle East oil sources "leaves our national security subject to attack by foreign interests fueled in large part by our dependence on oil," said Whitehouse. "Right now the world's energy economy is an oil economy and that directs the profits into many countries that are our enemies."
Among the measures that Whitehouse would push for if elected to the Senate:
Whitehouse said he would also move for a windfall profits tax on oil companies and to repeal tax breaks that recent Republican-controlled Congresses and President Bush's administration have enacted for the oil industry.
"Even oil industry executives have acknowledged that at today's record prices they do not need government subsidies to incentivize oil production," said Whitehouse. "In light of record oil company profits, royalty relief and oil company tax breaks that cost taxpayers billions of dollars each year should be eliminated."
Whitehouse also said that the Federal Trade Commission should launch an investigation into price-gouging by major oil companies and that the federal government must investigate the impact of the massive mergers that have occurred in the oil industry in the past few years.
Borrowing from the title of former Vice President Al Gore's new movie, Whitehouse said, "There is an inconvenient truth about what is happening to our environment."
The United States, Whitehouse said, should assume the "forefront of global leadership in ending dependence on fossil fuels and reducing greenhouse gas emissions."
Whitehouse said it is important to return the Senate to Democratic leadership so that hearings can be held into the causes of high energy prices.
"Senate hearings are something that has gone out of fashion in the Bush administration," he said. "It is important for the American people to be aware of the facts, which is what the hearings are for."
smackay@projo.com / (401) 277-7321
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