Susana Martinez on Energy & Oil
When sequestration hit, we got an up-close look at what can happen when we are too reliant on federal government spending, and now we're seeing it with oil and gas. In just a year and a half, oil prices dropped 71 percent. That hit us hard. We lost over 11,000 oil and gas jobs. Despite those losses, we added over 30,000 private sector jobs. That's a direct result of choosing reforms: We are diversifying our economy and laying a strong foundation for private-sector growth.
And Union Pacific is now in New Mexico, creating 3,000 jobs building their new facility and over 600 permanent jobs. TE Connectivity is now leaving El Paso and moving to Santa Teresa, creating up to 200 jobs. It's a similar story with Alaska Structures, which also moved operations here from El Paso.
In fact, a Texas newspaper has seen what we've done, and they're worried--they said so in an editorial. Texas is worrying about New Mexico stealing their jobs. My friends, the more they worry, the better we're doing.
Congressional Summary:Amends the Internal Revenue Code to extend through 2016 the tax credit for electricity produced from wind, biomass, geothermal or solar energy, landfill gas, trash, hydropower, and marine and hydrokinetic renewable energy facilities.
Proponent's Comments (Governor's Wind Energy Coalition letter of Nov. 15, 2011 signed by 23 governors):Although the tax credit for wind energy has long enjoyed bipartisan support, it is scheduled to expire on Dec. 31, 2012. Wind-related manufacturing is beginning to slow in our states because the credit has not yet been extended. If Congress pursues a last minute approach to the extension, the anticipated interruption of the credit's benefits will result in a significant loss of high-paying jobs in a growing sector of the economy. We strongly urge Congress to adopt a more consistent and longer-term federal tax policy to support wind energy development, such as H.R. 3307.
The leading wind project developers and manufacturers are slowing their plans for 2013 and beyond due to the current uncertainty. The ripple effect of this slow down means reduced orders for turbines and decreased business for the hundreds of manufacturers who have entered the wind industry in our states. When Congress allowed the tax credit to expire in 1999, 2001, and 2003, the development of new wind installations dropped significantly, between 73% and 93%, and thousands of jobs were lost. Providing renewable energy tax credits in order to provide consistency with conventional energy tax credits is the right policy to move the nation forward in an energy sector that offers global export opportunities and the ability to modernize a segment of our electric production infrastructure.