[Congressional Record (Bound Edition), Volume 149 (2003), Part 14]
[Senate]
[Pages 18882-18883]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        AMERICA'S ENERGY POLICY

  Mr. FRIST. Mr. President, I rise to speak to an issue we will be 
addressing next week, as I mentioned earlier, and that is the Energy 
bill. As I mention daily, or almost daily, on the floor, I am very 
pleased with the productive debate we have had to date on this very 
important bill and want to take this opportunity to commend the 
chairman of the Energy Committee, our distinguished colleague from New 
Mexico, Chairman Domenici, for his work on moving this Energy bill 
forward because it is important to every American.
  We have made solid progress. We have locked in an agreement which 
limits the number of amendments to the Energy legislation. We have 
reminded people, again almost on a daily basis, to continue working, 
even though we have other activity on the floor, to narrow those 
amendments, to continue the discussion, to work out agreements so that 
we can use the time

[[Page 18883]]

most efficiently on the floor next week. I am confident that because of 
that, we will be able to pass this crucial legislation next week.
  It is imperative that we do so. America's economic future is at 
stake. It is our responsibility to pass this bill. The House of 
Representatives has already passed an energy bill. The President has 
clearly stated he wants the Congress--specifically the Senate--to 
address this issue, and now is the time for us to act.
  I mentioned the economic interests because when a lot of people think 
energy, they think directly about whether it means gasoline or whether 
it means paying their utility bills, but it also--and this is why I 
mentioned it--has a real impact on our economy.
  Federal Reserve Chairman Alan Greenspan came to the Hill last month 
specifically to talk about the energy policy. The price of natural gas 
for July delivery is 150 percent what it was just a little over 2, 
almost 3, years ago. Meanwhile, natural gas storage levels are at their 
lowest in almost three decades. In these meetings, Chairman Greenspan 
warned that the volatility in the price of natural gas could eventually 
affect and contribute to erosion in the economy. We simply cannot 
afford that. We have a responsibility to respond, and indeed we have 
that opportunity next week.
  American industry is caught between regulations limiting the supply 
of natural gas and regulations encouraging its use. The result: Rising 
gas prices, with some industries cutting jobs or being priced out 
altogether, and consumers getting hit with rising electric bills. We 
simply must diversify our sources of energy, and we must do so in a way 
that lessens our dependence on foreign sources for this energy.
  The fact that almost 60 percent of our energy sources come from 
overseas is simply too much. It is unacceptable today. America's energy 
policy should be consistent with our foreign policy in that it has the 
principles of independence and security at its foundation. By 
increasing America's domestic production of clean coal, oil, gas, 
nuclear, solar, and other renewable energy sources, we increase not 
just our energy supply but also our national security.
  By passing a comprehensive energy package, we will be creating the 
needed jobs. The Energy bill will create at least 500,000 jobs and will 
save even more. The Alaskan pipeline, for example, will create at least 
400,000 jobs. The hundreds of millions of dollars in research and 
development of all sorts in new technologies will not only benefit the 
environment but will create new jobs in fields such as engineering, 
math, science, and physics.
  I am committed to getting a comprehensive national energy bill 
passed. While some people are talking of a weak economy, warning of a 
weak economy and increasing unemployment, we are taking action on the 
Senate floor to make our economy strong. We will do so in this Energy 
bill, as we did with the Jobs in Growth Act, which indeed provides 
immediate tax relief to millions of American families, to businesses, 
and to our States.
  As we all know, checks of up to $400 will soon be sent to 25 million 
taxpayers starting even later this week. A family of four making 
$40,000 will see their taxes reduced by over $1,100 this year, and of 
the overall $350 billion stimulus and growth package, nearly $200 
billion, fully 60 percent of it, will be injected into the economy in 
the next 18 months. This injection of money and resources is the input 
we need to grow our economy, to create jobs, to create investment, to 
provide States with the resources they need to maintain essential 
government services and to reduce unemployment.
  We will be able to amplify that legislative success by securing our 
energy supply. A strong, productive energy policy is crucial to our 
efforts to strengthen our economic and national security.
  As I mentioned, we will return to that Energy bill on Monday. I look 
forward to addressing the remaining amendments over the course of that 
week. We will be able to deliver to the American people energy that is 
cleaner, more abundant, and more secure. Energy is fuel for our 
economy, as well.
  Together with other issues we will be addressing--tax reform, medical 
liability reform, and many other issues we are addressing in the 
Senate--we will secure and strengthen our economy and protect its 
future growth.
  I make these comments only as a prelude to what will be a very 
important week next week as we address energy policy for fulfilling our 
responsibility.
  I yield the floor.

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