Susan Collins: “earlier this year I joined many of my colleagues in signing a letter supporting increased funding for renewable energy.…”

“earlier this year I joined many of my colleagues in signing a letter supporting increased funding for renewable energy. I am pleased today to see that the subcommittee on Energy and Water Appropriations has honored our request with an $82 million increase in renewable energy funding, raising the total from $362 million to $444 million. That this substantial 23 percent increase occurred under severe budgetary pressures makes it all the more commendable. I thank Chairman Domenici and Senator Reid for their efforts in producing this bill. At no time has investment in renewable energy research and development been more important. As we have seen over and over again, even a slight imbalance between supply and demand can lead to rapidly escalating energy prices. Last winter, disruptions in oil supply caused great hardship to Mainers who depend on home heating oil. Mainers are also suffering at the pumps from gasoline and diesel prices that hit their highest levels in decades. People across the nation are further suffering from more and more frequent spikes in the price of natural gas and electricity. Unless we act to diversify our energy supply, this volatility is only likely to grow worse. For example, United States currently imports slightly over half of its oil. In less than 20 years, this number is expected to grow to 70 percent.”