Newt Gingrich on Energy & Oil

Put nuclear waste in deep storage for 10,000 years

GINGRICH: I think that it has to be looked at scientifically. We have to find a safe method of taking care of nuclear waste. Today, because it's been caught up in a political fight, we have small units of nuclear waste all over this country in a way that is vastly more dangerous than finding a method of keeping it in a very, very deep place that would be able to sustain 10,000 or 20,000 & 30,000 years of geological safety.

Q: Is Yucca Mountain that place?

GINGRICH: I'm not a scientist. I mean, Yucca Mountain certainly was picked by the scientific community as one of the safest places in the US.

Q: You were for opening it in Congress, right?

GINGRICH: When I was in Congress, I worked with the Nevada delegation to make sure that there was time for scientific studies. But we have to find some method of finding a very geologically stable place, and most geologists believe that, in fact, Yucca Mountain is that.

Every green tax credit is a tax loophole

A: Every green tax credit is a loophole. Why did we get to breaks for ethanol, breaks for oil and gas, etc.? We have a simple choice. We can depend on Saudi Arabia, Iran, Venezuela, or we can encourage development of oil and gas in the US. I'm for an energy-independent America, and that means I favor people who create energy.

Q: If you eliminate some of those loopholes, whether for ExxonMobil or some other companies, there are those who argue that is, in effect, a tax increase and it would violate a pledge that so many Republicans have made not to raise taxes.

A: Yes, a lot of people argue that. They're technically right. Look, I'm cheerfully opposed to raising taxes. We have a problem of overspending. We don't have a problem of undertaxing. I want to shrink government to fit income, not raise income to try to catch up with government.

FactCheck: US has 110-year supply of gas, not 1,100 years

Shale gas is a form of natural gas. It's true that new drilling and fracturing techniques have made it possible to tap into shale resources that were previously considered not to be economically viable. As of 2009, shale gas made up 14% of the US natural gas supply. But the U.S. isn't currently sitting on a 1,100 year supply of shale gas--or natural gas in general, if that was Gingrich's meaning. The country's supply is actually about 10 times smaller than that: The US possesses 2,552 trillion cubic feet (Tcf) of potential natural gas resources, enough to supply approximately 110 years of use. Natural gas from shale resources accounts for 827 Tcf of this resource estimate.

2008 petition drive: Drill here, Drill now, Pay less

In 2008 when gasoline was at $4 a gallon, [my policy organization] American Solutions launched a petition drive: Drill here, Drill now, Pay less.

The Left couldn't survive in a world where we had the courage to say, "Why don't we find American oil and why don't we find American gas, and why don't we have the next building boom in the United States, not in Dubai. And why don't we make sure that the terrorists run out of money?" And that ought to be our approach to this, so let's do it now.

First of all: Reopen off of Louisiana. The people of Louisiana want it to happen. So let's reopen the areas off only those states that want to reopen them, but if a state wants to go and find oil and gas and wants to create more jobs in that state, let's let them do it now.

New nuclear plants would reduce 2 billion tons of CO2 a year

There are two things about nuclear power. One, we should dramatically go through and streamline the regulatory process for the big plants, but two, there's a whole new generation of very small nuclear power plants, that are very, very safe, that should not come under the certain kind of regulatory design for a huge, giant multi-million dollar plant. And we could go to a much more effective nuclear power, very fast and have a very big job creation technology.

Doomsday climate theory pushes massive wealth transfer

With our historical emphasis on free enterprise and national sovereignty, Americans have resisted these extreme measures. But we believe genuine environmental problems, many of them ignored due to the global warming obsessions, cannot be resolved without U.S. leadership.

2008 book: Drill Here, Drill Now, Pay Less

I wrote a book in fall 2008 called "Drill Here, Drill Now, Pay Less," describing America's vast energy potential and explain how misguided government policies have prevented us from becoming an energy powerhouse.

Billion-dollar prize for first mass-produced hydrogen car

There should be a substantial tax break for investing in both ethanol and hydrogen supply stations and hydrogen pipelines so the fuel can be delivered when the automobiles are available at a reasonable cost.

Kyoto treaty is bad for the environment and bad for America

The US should support substantial research into climate science, managing the response to climate change, & in developing new non-carbon energy systems. It is astounding to watch people blithely propose trillions of dollars in spending on a topic on which we have failed to spend modest amounts to better understand.

It is astounding to have people focus myopically on carbon as the sole source of climate change. The world’s climate has changed in the past with sudden speed and dramatic impact. Global warming may happen. On the other hand it is possible Europe will experience another ice age.

Focus on incentives for conservation & renewable resources

Hydrogen has the potential to provide energy that has no environmental downside. Conservation is the second great opportunity in energy. A tax credit to subsidize energy efficient cars (including a tax credit for turning in old and heavily polluting cars) is another idea we should support. Renewable resources are gradually evolving to meet their potential: from wind generator farms to solar power to biomass conversion. Continued tax credits and other advantages for renewable resources are a must.

Stop scare tactics about drilling in Alaska

1. Scientists of impeccable background should help set the standards for sustaining the environment in sensitive areas, and any company entering the areas should be bonded to meet those standards.
2. The public should be informed about new methods of production that can meet the environmental standards, and any development should be only with those new methods.
3. A percentage of the revenues from resources generated in environmentally sensitive areas should be dedicated to environmental activities including biodiversity sustainment, land acquisition, and environmental cleanups in places where there are no private resources that can be used to clean up past problems.

Gas tax sounds OK in DC, but not outside Beltway

Cap-and-trade has no impact on global temperatures.

The Contract from America, clause 2. Reject Cap & Trade:

Stop costly new regulations that would increase unemployment, raise consumer prices, and weaken the nation's global competitiveness with virtually no impact on global temperatures.

Explore proven energy reserves & keep energy prices low.

The Contract from America, clause 8. Pass an 'All-of-the-Above' Energy Policy:

Authorize the exploration of proven energy reserves to reduce our dependence on foreign energy sources from unstable countries and reduce regulatory barriers, [to keep energy prices low].