Mark Warner - U.S. Senate

Here's what the Roanoke Times Editorial Board had to say:

An Energy Plan Powered by Ideas

Warner's ideas on drilling require careful scrutiny and debate, but at least they are not based on two false premises: that even an immediate end to the moratorium could affect gas prices one iota any time soon, and that the nation can drill its way to cheap energy, now or ever.

As he noted, the U.S. uses 25 percent of the world's oil yet holds only 2 percent of its oil reserves. The pain at the pumps now is real, but it will be a pale memory compared to the economic and security crises the nation will face if it does not wean itself from its dependence on oil which, by virtue of global geology, means dependence on foreign oil.

Because Warner is a big-picture thinker, much of his energy plan deals with proposals, as he put it, "to fundamentally change how we power our country and our economy." Among these, he mentions bigger tax incentives for consumers to buy the next wave of high fuel-efficiency vehicles -- he's talking 100 mpg -- and permanent tax credits for renewable energy companies on a par with tax advantages the oil industry enjoys.

Others include encouraging upgrades and expansion of the petroleum industry's refining capacity, raising auto fuel efficiency standards at least to 40 mpg and investing much more in alternative energy technologies.

These are the kinds of ideas policymakers need to act on -- and quickly, as the benefits can only be realized over time.

Here are some of Governor Warner’s proposals:

Short-Term Solutions

• Crackdown on oil speculators who are manipulating the market

Warner advocated cracking down on oil speculators - he said experts say that oil speculation is responsible for one-third of the cost of a barrel of oil - by closing two legal loopholes in the Commodities Futures Market that he said have allowed oil speculators to drive up the price of oil. (Free Lance-Star, 6/19/08)

• Apply pressure to OPEC nations to produce more, while empowering the Justice Department to crackdown on price gouging.

He would pressure oil-producing countries by using trade as leverage. For example, the United States could increase the price of its military hardware to foreign nations that refuse to boost oil production. (Daily Press, 6/19/08).

• Promote telecommuting and optional, flexible work schedules

Intermediate Solutions

• Expanding a tax credit for hybrid and battery technology vehicles

Warner favors increasing tax breaks - from $3,000 to $5,000 on a sliding scale, based on fuel efficiency - for consumers who purchase hybrid or battery-powered cars. (Daily Press, 6/19/08).

• Dramatically increase our research and development, to encourage innovative new technologies and alternative sources

Warner said the U.S. also should work with the petroleum industry to expand refining capacity and should significantly increase research and development of alternative energy sources, including solar, wind, "clean coal" and nuclear technologies. The tax credit for such research and development should be made permanent, he said.

Warner cited ongoing research in carbon sequestration technology at Virginia Tech as an example of initiatives that could benefit from an emphasis on research.

"Wouldn't it be great if Virginia Tech and Virginia became the leader in carbon-capture technology?" Warner said. "Wouldn't it be great if we created those jobs here?" (Roanoke Times, 6/19/08).

• Off-shore exploration in search of natural gas

"I want to find out how much oil is off there," he said. "The state ought to reserve the right to figure out on oil. … I favor the exploration piece, not the development piece, because you've still got to go through the environmental hurdles."

Natural gas presents fewer environmental concerns, he said, and the threshold to develop it doesn't have to be as strict as for oil.

However, he stressed that drilling for petroleum was only a small part of his total approach.

"Let's not fool ourselves," he said. "This is not the long-term solution. If you were to drill everywhere from New Jersey to South Carolina, it's still years away, and it would only add about 140 days' worth of oil supply to this country." (Daily Press, 6/19/08)

Long-Term Solutions:

• Working with auto makers to raise fuel efficiency standards

• Upgrade and expand domestic refining capacity

• Implement cap-and-trade proposals to responsibly limit carbon emissions