Recently, truckers from throughout America converged on Washington to protest high diesel fuel prices. I met with a group of about 25 Maine truckers and their families that day and heard of the devastating impact the current energy crisis is having on their businesses and their families.
That meeting strengthened my conviction that our nation needs a dramatic change in our energy policy to protect ourselves from rapid increases in oil prices without sacrificing our environment for future generations. We must rally around a national effort to achieve energy independence by the year 2020 for our economic, environmental, and national security.
That is why I have unveiled a ten-point plan to get us started on this important effort. It is a plan that includes both actions we can take in the short-term to mitigate high prices as well as actions to achieve energy independence in the long-term. It is a plan that calls for our nation to establish a bold goal of energy independence.
In my column last week, I described the first four points, steps we can take now to provide immediate relief. They are: to temporarily suspend filling the Strategic Petroleum Reserve until prices drop; to expand the authority of the federal government to guard against excessive speculation in oil futures markets; to curtail unneeded tax breaks for big oil companies and to use the billions of dollars instead to fund the other proposals in my Ten-Point Energy Plan that will lead to true energy independence; and to fully fund and restructure the Low Income Home Energy Assistance Program, or LIHEAP, so that meaningful help can be delivered to those in need.
The remaining six points in my plan will set us on a course to a secure energy future. First, we must increase incentives for conservation. I have introduced legislation to double funding for the federal Weatherization Program. On average, weatherizing a home reduces overall energy bills by $358 per year. That bill would also provide predictable funding for the valuable Energy Star Program, which helps consumers buy energy efficient appliances, and would extend the renewable electricity tax credits. In addition, my legislation includes an Energy Efficiency Performance Standard for utilities, which requires utilities to achieve energy efficiency improvements.
My second long-term component would revamp the way we produce electricity. This step calls for a national renewable electricity standard that would require utilities to generate at least 15 percent of their electricity from environmentally sound renewable energy sources by the year 2020. This would boost the production of renewable energy, provide jobs in new industries, and save up to $18 billion on electricity and natural gas bills by 2030. It would move us away from reliance on coal and natural gas for electricity, and diversify our energy supply to provide more price stability.
Third, we must ensure that as we make these dramatic changes to our energy supply and infrastructure, we do not inadvertently cause more harm than good. That is why I propose expanding existing tax credits to include cellulosic ethanol. While there has been a great deal of focus on using corn-based ethanol, there are other renewable, plant-based energy sources that are far more environmentally friendly and have greater potential to reduce greenhouse gas emissions, and most important, do not cause food shortages and price hikes. Researchers at the University of Maine, for example, have been at the forefront of developing commercially viable technologies to produce ethanol from cellulosic sources. Cellulosic ethanol also avoids the market distortions that have resulted from corn-based ethanol. I am concerned that the heavy subsidy for corn-based ethanol is driving up the cost of many foods as more than 25 percent of the corn crop is being used to produce ethanol.
This step calls for expansion of other sources of clean, renewable energy. For example, making the change from an old, dirty, and inefficient wood stove to a modern, clean and safe stove is an expensive undertaking that is especially difficult for many families today. The recently passed Foreclosure Prevention Act included a $300 tax credit for consumers to purchase these new clean-burning stoves. Wood is a renewable resource, and its increased use for home heating is inevitable in these times of high oil prices.
Clean, renewable energy sources also include the tides in ours oceans and the moderate temperatures under our land. Experts estimate that the wave and tidal energy resource that reasonably could be harnessed is about ten percent of national energy demand. The University of Maine and the Maine Maritime Academy are involved in developing tidal energy as an alternative energy source. My fourth long-term step calls for increased investments in research, development and tax credits for production of tidal, geothermal, solar, and wind energy.
Fifth, we must develop more efficient transportation options. Last year, Congress enacted and the President signed a long overdue increase in fuel economy standards for automobiles, SUVs and light trucks that will save one million barrels of oil a day. This is a good step, but more must be done. Reducing oil consumption for transportation would reduce our reliance on foreign oil and decrease energy prices for consumers. Congress should extend existing tax credits for alternative fuel vehicles, such as flex fuel vehicles and plug-in hybrid vehicles, and consider providing a tax credit for consumers who modify their existing vehicles to be flex-fuel capable.
Finally, public transportation is one of the most effective ways we can get more passenger miles per gallon gasoline in urban areas. My legislation would promote the development and use of public transportation by subsidizing fares, encouraging employers to assist their employees with fares, and authorizing funding to build energy-efficient and environmentally friendly modes of transport, such as clean buses and light rail.
I commend the truckers from Maine and across to country who came to Washington to focus attention on the challenge we face. I am convinced that we can meet this challenge and achieve the energy independence that will strengthen both our economy and our national security.