Press Releases
January 4, 2008
Conrad: Energy Bill a Big Boost for ND Economy
Renewable Fuels Provisions from Senator's BOLD Energy Act Included in Bill
Bismarck – Industry leaders from across the region met with Senator Kent Conrad today to discuss ways to grow North Dakota’s economy in light of renewable fuels provisions included in the new Energy Bill. Several key provisions from Senator Conrad's BOLD Energy Act were included in the national energy legislation that will bring new investments to North Dakota's agricultural and energy industries.
“This bill encourages the production of domestic sources of energy and allows America to look to the farm fields of the Midwest rather than the oil fields of the Mid East for our energy needs,” Senator Conrad said. “This energy bill is a good first step to a sustainable national energy policy. But it is only the first step. We need to do much more to make our nation more energy independent and break our addiction to foreign energy."
The energy bill, which was signed into law by President Bush last month, will help grow North Dakota’s economy by calling for greater production of renewable fuels, many of which are derived from crops grown on North Dakota’s family farms. The bill also raises automobile fuel efficiency standards for the first time in decades. The new standards will result in North Dakotans saving approximately $44 million a year in gas costs.
Senator Conrad highlighted the renewable fuels standard as a crucial component to expanding domestic sources of energy. His BOLD Act required 30 billion gallons of renewable fuel use by 2025. The bill signed in to law requires 36 billion gallons by 2022. Of that, 21 billion gallons will have to be advanced biofuels, produced from sources like the prairie grass native to North Dakota.
However, Senator Conrad said the legislation could have gone even further to reduce the nation’s dependence on foreign energy. The final bill did not include a tax package that would have extended tax incentives for biofuels, wind, and clean coal projects.
Senator Conrad has encouraged his colleagues to support provisions that would help ease the financial burden on middle-class families coping with high energy prices and benefit wind energy, clean coal, and other North Dakota sources of energy.
“With the renewable fuels provisions in both the new Energy bill and the energy title of the Farm Bill, the future of North Dakota’s economy is bright,” Senator Conrad said. “I will do everything I can to make sure we continue to increase domestic energy production and bring even greater economic security to our nation.
