Today, the House Energy and Commerce Committee held a hearing on H.R. 909, A Roadmap for America’s Energy Future (video of the hearing is available here). The Nunes authored energy plan is supported by 72 House Republicans and is the only comprehensive zero cost energy bill before Congress. It aims to immediately place downward pressure on energy prices while establishing the framework necessary for long-term energy independence.
“Congress needs to act in a bold way. The average retail price of gasoline during the hearing today was $3.79 per gallon, with several states well over $4.00. Americans need leadership and I am confident that A Roadmap for America’s Energy Future provides that leadership,” said Rep. Nunes.
Several key features of the Energy Roadmap tie additional fossil fuel production with the development of renewable energy alternatives. In addition, the establishment of a renewable energy reverse auction adds a competitive twist that will spur greater innovation, sustainability and long-term affordability.
“I appreciate Subcommittee Chairman Whitfield and his committee’s willingness to examine the Energy Roadmap. The bill reflects the need to address the realities confronting American families today, including the need for more oil and gas. But it also tackles our long term need to deploy affordable alternatives,” said Rep. Devin Nunes. “I also appreciate the fact that Ranking Member Waxman is willing to examine the reverse auction mechanism outlined in the bill which I believe will deliver better results than existing subsidies and credits.”
The Nunes legislation leverages the abundant natural resources available throughout the United States today, including the Arctic National Wildlife Refuge (ANWR) and the Outer Continental Shelf (OCS) to achieve a greatly enhanced domestic supply of oil and gas. Based on data from the Energy Information Administration (EIA), the U.S. Geological Survey, Office of Naval Petroleum and Oil Shale and the Potential Gas Committee (a consortium of industry, academic, and government experts), this would provide enough energy to –
- supply the United States with natural gas for 88 years (proven reserves of wet natural gas total 283.9 trillion cubic feet with future supplies likely to be 2,074 trillion cubic feet with shale gas)
- supply the United States with oil for 29 years with no imports (proven oil reserves are 22.3 billion barrels with approximately 1.38 trillion barrels of additional oil available from shale)
- supply electricity to power America for nearly 250 years (proven reserves of coal are 486 billion short tons)
Allowing Americans to use these resources will immediately reduce energy prices. At the same time, by dedicating all federal resources associated with new oil and gas development, the bill will make historic investments in renewable energy.
The Energy Roadmap also proposes the sighting of 200 nuclear reactors by 2040, which will allow the production of 80% of our nation’s electrical energy using this zero emission technology. Since nuclear energy operates efficiently and continuously, it will be possible to expand America’s use of electric cars and other fossil fuel alternatives that demand greater base-load power.
Today, nuclear reactors represent 8.3 percent of our nation’s energy consumption. A 1,000-MW nuclear reactor produces enough electricity to supply power for 740,000 households. The equivalent generation of power by conventional energy sources requires either 13.7 million barrels of oil, 3.4 million short tons of coal, or 65.8 billion cubic feet of natural gas.
Finally, the Energy Roadmap is a jobs bill. Estimates of job creation are:
- Coastal Plain of ANWR; 750,000 jobs
- Outer Continental Shelf (OCS); 1.2 million jobs annually
- Coal to Liquids; 6,000 direct jobs on site of CTL plant; 84,000 indirect jobs throughout the region; 45,000 temporary jobs during construction
- Oil Shale; 100,000 jobs
- Nuclear Power; 480,000 construction jobs; 140,000 permanent jobs
- Renewable Electricity; 500,000 jobs
For more information on the Energy Roadmap, please click here.
