Free markets are the best energy policy. Coal, gas, oil, solar, wind, ethanol, biomass, geothermal, hydropower, tidal—from the traditional to most innovative renewable forms—every source of energy that can and will be developed effectively, will be developed through the power of a free market. What makes the free market successful is its inherent ability to produce the best product at the lowest cost. Yet, for too long our government has limited our economic potential through the regulation and manipulation of energy markets.
The best intentions of government typically have the worst consequences for business. When government picks winners and losers, the outcome is usually disastrous. Look no further than the recent scandal involving Solyndra, a California-based solar startup now in bankruptcy after receiving a $535 million loan guarantee of taxpayer money. Political agendas and personal bias have no place in the market. People drive innovation, and business will always find the most efficient way to utilize energy.
Here in Indiana, the stakes are much higher. With coal accounting for 94% of our state’s energy production, and more than 600,000 Hoosier jobs tied to manufacturing, an energy scheme like cap and trade would only serve to drive up utility costs and send more of our jobs to friendlier economic climates. From fighting the Kyoto Protocol to defeating the BTU tax, I have a proven record of support for sound, market-driven energy policy, and as your congressman I will continue the fight for free market energy solutions without excessive regulation and taxes.