Jackie Speier: “Do we suddenly have extra money lying around, because I'm trying to figure out why we are so committed to wasting it.…”

“Do we suddenly have extra money lying around, because I'm trying to figure out why we are so committed to wasting it. Budget challenges are forcing us to reexamine our investments. Adding $30 million beyond the President's request to support fossil fuel research is a foolish waste of taxpayer dollars that are better used to invest in the future and paying off our deficit. We simply cannot afford to spend taxpayer dollars on research the private sector can do better, and taxpayers should not be asked to provide additional support to an industry that consistently has record-breaking profits. Our energy sector has some of the most promising ideas and technologies in the world. Our energy policy, however, is horribly outdated. H.R. 2609 slashes research and development for renewable energy by some 60 percent and adds additional money that the administration neither wants nor needs to research fossil fuels and clean coal. At the same time, it continues to spend far too much on fossil fuel R&D. In fact, we dole out more fossil fuel subsidies than any other country-- more than $500 billion in 2011. They often go to expensive projects with little upside. The fact is we don't need to spend taxpayer money this way. Fossil fuel companies are highly profitable, posting some of the highest profits in the world, and they can shoulder their own R&D costs. This is a clear example of duplication.…”