Mike’s Response to President Obama’s BP Spill Speech

Unfortunately, the devastating impact of the BP Oil Spill to the water, fish and wildlife, and the regional economy in the Gulf continues to grow in scope and will be felt for years to come. Delawareans, who likewise rely heavily upon the economic benefits of tourism from our treasured coastline, are watching this incident closely.

While it is encouraging that BP has agreed to open a $20 billion fund to assist with victim claims, the overall costs to compensate those affected could climb even higher – and BP must be held accountable. It is imperative that these victims are compensated, and that Washington take immediate steps to stop any further harm to the Gulf, and review all existing policies in place to prevent cases future incidents.

Additionally, this destructive spill is an all too real reminder of the risk associated with our dependence on oil. There remains a limited domestic supply and increasing demand for oil in the U.S., and around the world. Our reliance on less than friendly nations is a major national security and economic threat, leaving us with the need to shift toward increased clean energy production, pollution reduction, and technological innovation.

In working toward this goal, I recently introduced a bill which would help foster growth in offshore wind off Delaware's coast, and nationwide by providing long-term extensions of the federal tax credits for offshore wind. The long lead times for obtaining permits and constructing offshore wind turbines necessitate long-term incentives to provide stability for building proposed projects and developing a pipeline of new ones. The U.S. is positioned to positively influence global solutions for some of the greatest environmental and energy challenges. Continuing federal incentives will be key drivers in bringing about such change.