Jeff Bingaman: “I rise to speak about the subject of energy, the energy prospects we face as a nation, and the need to develop new…”

“I rise to speak about the subject of energy, the energy prospects we face as a nation, and the need to develop new energy policies here in this Congress. The United States is currently experiencing unusually high and volatile energy prices. We have seen that in my State of New Mexico, and I assume we have seen that in the State of Florida, where the Presiding Officer lives. During most of the 1990s, in spite of robust economic growth and increased demand for energy, increased productivity, and reduction in energy use per dollar of gross domestic product, along with the introduction of market competition, all of those factors acted to hold down prices, but now we have finally exhausted the buffer of excess capacity that kept the system functioning with low prices and relatively minor bumps along the way. So that excess capacity is gone, and there are a number of factors and circumstances that have contributed to the current situation we face--the situation of inadequate supply, too much demand. Remedies are not as apparent as some would argue.”