Jeff Bingaman: “this amendment addresses the fact that most hydrogen today is manufactured from natural gas. As far as we can tell, this…”

“this amendment addresses the fact that most hydrogen today is manufactured from natural gas. As far as we can tell, this is likely to remain the case as we make any transition to a hydrogen-based economy. This dependence on natural gas may prove to be a real Achilles' heel for the future development of these promising technologies we have been discussing on the Senate floor today related to hydrogen. The lead story in today's Financial Times has a headline entitled ``U.S. Faces Natural Gas Shortage.'' I believe Chairman Greenspan has also been testifying about this very important issue today in the House of Representatives. This is not a new story. There are a number of us who have been sounding the alarm for a long time on this issue and the need for effective action to address it. It is a serious situation. It has been in the making for several years, and it will not be easy for us to reverse this situation. As an example of this concern, on May 27 there were 29 other Senators who joined me in a letter to Secretary Abraham. In that letter we expressed concern about the current and continued high natural gas prices and their effects on consumers and industries that rely on natural gas. We strongly urged the Secretary of Energy to look to conservation, energy efficiency, and fuel switching as important near-term steps that can be taken to alleviate what is shaping up as a critical problem, perhaps this coming winter.”