Former U.S. Sen. John Breaux, D-La., now co-chairman of the Energy Initiative, a coalition of 30 energy producing and consuming organizations, told CNBC’s “Street Signs” that a mix of traditional and renewable energy supplies will be needed to meet the nation’s future needs.
“It’s not an either-or situation,” Breaux said. “It’s not either big oil and gas or renewable (energy sources). It’s a combination of both. We (need) both oil and gas and coal as well as renewables to solve our problem. I’m a little concerned that it seems to be all the tax implications are moving toward encouraging only renewables. We can’t solve the problem with just sun and saw grass.”
Senate Democrats have proposed to boost taxes on oil companies by about $14 billion over ten years and use the money as incentives for solar power, wind power, cellulosic ethanol and other renewable energy sources.