Max Baucus: “I strongly support the Finance Committee's energy tax language. Why are the incentives proposed in this language so…”

“I strongly support the Finance Committee's energy tax language. Why are the incentives proposed in this language so important? First and foremost, they are important because of the energy challenges facing the Nation. Energy is critical to our Nation's economy and security. Our continuing dependence on foreign oil increasingly threatens our vital national interests. As the world's demand for oil continues to grow at a record pace, the world's oil producers strain to meet consumption. Today, OPEC is pumping close to full capacity. Even so, refined products remain scarce. The price of oil has soared to more than $55 a barrel. The price of gas at the pump is a daily reminder of the scarcity of energy. Increasing energy prices stifle economic growth. Folks in my home State of Montana are hit hard by rising energy prices. High gas prices particularly hurt folks who have to drive great distances. And high energy prices hurt small businesses, ranchers, and farmers by raising the costs of doing business. We can do more to provide reliable energy from domestic sources. That is our first challenge. Our next great energy challenge is to ensure safe, clean, and affordable energy from renewable resources. Energy produced from wind, water, sun, and waste holds great potential. But that energy cannot currently meet our national energy demands. Technology is helping to bridge the gap. But further development requires financial assistance.…”