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April 26, 2008
The Jetson's cartoon made many of us think that the car of the future would soar through the air as we fly to our destination. But not many of us would have guessed that the only thing about today's vehicles that would soar is the cost to keep the tank full of gasoline. Rising fuel costs are bearing down on our nation's economy and are hampering economic recovery. The more money people have to spend on gasoline, the less they have to spend on other goods or services.
As the peak summer driving season ramps up, refineries will push the limits of an already tight capacity to increase gasoline supply. However, with the overall growth in demand showing no signs of slowing even in the face of $4 per gallon of gas, prices will continue to be driven as much by refining capacity as global competition for oil. The solution isn't easy, it's a careful balance that includes government stepping out of the way where necessary and providing incentives where needed.
Conservation is sensible and should be promoted, but new capacity and new energy sources are sorely lacking. We need new domestic energy sources, increased refining capacity and a supply of our own oil from the Arctic National Wildlife Refuge or the Outer Continental Shelf if our country is to be more energy independent. These new reserves of oil will increase the national supply and make us less dependent on the Middle East. But we can't just drill our way out of the problem, we have to employ an "all the above" strategy with alternative sources as the centerpiece.
New investment in both alternative energy and conventional sources will boost supply and ease the pressure at the pump. Pursuing energy-efficient technologies for advanced transportation will help decrease demand for gasoline in the near term, as we bridge to the next generation technologies. In Tennessee and in Washington, D.C., I am amazed at the ever-increasing number of smaller cars and hybrid vehicles already on the roads.
General Motors and Toyota have each announced plans to introduce a plug-in hybrid-electric vehicle with a lithium-ion battery within two years. Current hybrid vehicles recharge the battery from power generated by its wheels, but plug-in hybrids will be charged with a regular power outlet, helping displace the amount of petroleum used for transportation. However, if the vehicles of the near future are powered by electricity, we must also support a bold resurgence of nuclear energy led by the Tennessee Valley Authority.
Alternative fuels like ethanol will also help substantially reduce our gasoline consumption. Corn is the predominant feedstock to make ethanol today, but switchgrass has better potential because it is not a food-based crop, it is cleaner and is easily grown around the country, including here in Tennessee. The advances in bio-research needed to drive down production costs are occurring right now at the Oak Ridge National Laboratory. According to one estimate, by 2050, we could produce 165 billion gallons of ethanol from switchgrass, which is equivalent to 108 billion gallons of gasoline. This is slightly more than the current yearly U.S. demand and would provide an alternative fuel for 260 million cars and trucks on the road today without having to buy a drop of oil from another country.
In the future, we can completely eliminate pollution from our transportation system and dramatically reduce our oil dependence with the development of fuel cell technology. The current partnership between the University of Tennessee at Chattanooga and Silicon Valley to develop a solid-oxide stationary fuel cell is now being demonstrated in the Tennessee Valley. This fuel cell can run on natural gas, ethanol or any number of other fuels and produces enough electricity - 5 kilowatts - to power a single family home. The fuel cell's pollution-free hydrogen emissions can be captured and stored to power a hydrogen fuel cell vehicle. Imagine that: One unit to power your house and produce fuel for your car while you sleep without any public power transmission lines. Very soon a 100-kilowatt system will be demonstrated, which would provide electricity for a 30,000-square-foot shopping center.
We cannot wait. We must act now. An "en-tech" agenda is pro-growth and pro-America. The nexus between national security, energy and the environment is one of the most important issues of our time. On energy, I am for an "all of the above" approach.
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