Max Baucus: “Energy is once again one of the top two or three domestic issues facing the Congress this year. Prices for gasoline…”

“Energy is once again one of the top two or three domestic issues facing the Congress this year. Prices for gasoline, heating oil, electricity, and natural gas have soared in recent years, hitting working families hard. Our energy security has been threatened on many fronts: We have seen a terrorist attack on Saudi Arabian oil facilities, oil workers kidnapped in Nigeria, Venezuelan President Hugo Chavez threatened to cut off our supply of oil from his country, and some question whether Iran's role as an oil supplier keeps other countries from properly addressing Iran's nuclear proliferation threat. Recently we learned that Russia and Iran are talking about creating an OPEC-like organization for natural gas--a cartel that could put even more pressure on natural gas prices. Energy provides one of America's greatest challenges for the 21st century. Our economy has been dependent on oil and coal for about 100 years. And since World War II, natural gas has become part of the equation. Will we continue to rely on these energy sources for the next 100 years? The cost of energy will profoundly affect the future competitiveness of the American economy. As the Chinese and Indian economies grow, so will their demand for energy. And that will add further upward pressure to energy prices. Global climate change is another issue that demands that we take a fresh look at our energy future.”