James Inhofe on Energy

I believe we must utilize all domestic energy resources including not only natural gas and renewable energy, but also oil, coal, and nuclear energy. Developing and expanding domestic energy resources will translate into energy security and will ensure stable sources of supply and well-paying jobs for Oklahomans and Americans.

Wind energy must play an increasing role in our nation’s energy future. With 689 megawatts (MW) of production, Oklahoma ranks as one of the top states in wind energy production. To help spur wind development in Oklahoma, I worked to include a provision in the Energy Policy Act of 2005 (EPACT) to increase private sector investment in high voltage lines by decreasing the depreciation period for these lines to 15 years. To that end, OG&E recently announced the construction of a high power line from Oklahoma City to Woodward with plans to eventually connect with Guymon. These lines could more than quadruple OG&E’s current wind production of 170 MW to 770 MW.

I’ve also consistently supported the extension of the renewable electricity Production Tax Credit. This tax credit provides for a 1.9 cent per kilowatt-hour tax credit for the first ten years a turbine goes into service. It assists wind energy developers overcome today’s high up-front costs as the industry continues to mature. As recently as April 10, 2008, I not only voted to extend the production tax credit, but I voted against attempts to reduce the incentive for wind energy. I’ve also blocked Congressional efforts to derail major wind projects such as Cape Wind off the coast of Massachusetts. Further, I have joined with my Republican colleagues in cosponsoring legislation, the Alternative Minimum Tax and Extenders Tax Relief Act of 2008, (S. 3098) which extends the renewable production tax credit for another year.

Today as Oklahomans are looking for relief from soaring energy costs, they can rest assured that I will continue to stand up for Oklahoma and support policies that will make certain we have a stable, diverse and affordable energy supply.