The idea of utilizing inexpensive and readily available domestic resources to produce alternative energy has been one of the long standing goals of the Department of Energy (DOE). As I'm sure you are all aware, the mission of the DOE is to 殿dvance energy technology and promote related innovation in the United States? This effort has long been hampered by a lack of adequate funding and the nations long reliance on cheap oil; much of this oil is imported from foreign sources which contributes to our national debt. The instability in the Middle East, as well as volatility in the commodities markets leading to wide fluctuations in fuel prices at the consumer level, makes the mission of the DOE a matter of critical importance. The potential for disruption of our economy that this volatility poses could reach historical levels not previously seen in our lifetime and ultimately lead to a national emergency. To assure that things don't get worse before they get better, the President will be sending a new legislative initiative to Congress and urging passage on an emergency basis. The legislation will authorize the President to order the Secretary of the Treasury to immediately release funds from already passed stimulus authorizations at a level sufficient to assure that our dependence on foreign oil is eliminated forever. To assure that the taxpayers money is not wasted and used wisely, the President will appoint a panel to study technology proposals and recommend those with significant potential that have not been developed because of past investment limitations. The group will be known as the Better Use of Limited Liability Stimulus Heavy Investment Targets (********) panel and report directly to the President by the third quarter of FY 2010. The President will ask a prominent person with past government experience, environmental sensitivity, and significant familiarity with existing emerging technologies to head this important panel. The panel will be non-political, bipartisan in nature, and use the best available science to determine appropriate targets for funding.
Although initial funding will be significant (initially limited to approximately $100 billion), it will represent only a small percentage of the overall stimulus packages already authorized; since the spending is already authorized it will be budget neutral. This authorization of investment will have the added benefit of creating millions of new well paying jobs in research & development, manufacturing, and installation and significantly contribute to our GDP; it is well know that every new job also has a multiplier effect by injecting more money into the economy and creating demand for ancillary goods and services. All of the new well paying jobs will result in enhanced tax revenues which will provide the taxpayers with significant return on investment, referred to by the Director of the IRS as the Cash Reserves Account Collections Kitty (CRACK); Revenue Intensive Congressional Ham (RICH) projects are largely dependent upon CRACK funding.
I urge all of you to contact your Congressmen and ask them to support this critical initiative without undue debate or amendment, and immediately vote for authorization as soon as it is received from the President. The majority of Congress obviously has a great interest in protecting our interests as the ******** panel will do, as well as the CRACK which funds important RICH programs.
