Kay Bailey Hutchison: “I see that my good friend and colleague, the senior Senator from Iowa, has come to the floor. I want to thank Mr.…”

“I see that my good friend and colleague, the senior Senator from Iowa, has come to the floor. I want to thank Mr. Grassley for his hard work on the Energy Policy Tax Incentives Act of 2005. I commend my good friend and Senator Baucus for their efforts to complete this important section of the Energy bill. The Energy Policy Tax Incentives Act of 2005 supports the development of energy production from renewable resources and complements the Energy bill that Senators Domenici and Bingaman have worked in a bipartisan fashion to put together. I agree with my colleagues that we must continue to seek alternative sources of energy; it is in the best interest of America. I would mention, however, that we must also continue to sustain domestic production of oil and gas. According to the National Petroleum Council's Natural Gas Study, a $10-billion-per-year investment over 20 years will be needed in order to meet future natural gas needs. We cannot overlook the importance of developing our domestic oil and gas resources. Domestic production is a critical first step toward energy independence while alternative sources are more fully developed. I ask my colleague from Iowa if he would agree with me that U.S. imports of foreign energy are at unacceptable levels, and the need to develop our domestic resources is an important step toward energy independence.”