Congressional Delegation Updates market for low-grade, low-value wood that landowners routinely remove to promote healthy forests. Now, more than ever, wood pellets can provide significant relief to the budgets of households and businesses. With inflation at a 40-year I recently joined with Sen. Angus King on bipartisan high, the soaring cost of virtually legislation that would incentivize the use of energy-efficient everything, from gasoline and diesel to biomass heaters in homes and businesses instead of relying on groceries, is a growing crisis that affects fossil fuels. In 2020, after years of advocacy from the Maine families across our nation. delegation, a 26 percent tax credit available through the end of 2023 for highly efficient residential wood heating systems I know that the skyrocketing became law. This Congress, the updated Biomass Thermal price of energy is causing particular hardship for your industry by increasing Utilization (BTU) Act would provide tax credits for capital costs incurred in commercial and industrial installations, and it would costs at every step of the supply Sen. Susan Collins chain. Mainers are also concerned also extend the residential credit passed last year through 2028. about the rapidly rising cost of home Biomass energy is sustainable, responsible, heating oil. As of early June, the average price per gallon was renewable, and economically significant as an energy $5.42, more than double what it was a year earlier. More than source. Many states, including Maine, are already relying 60 percent of Maine homes use fuel oil, and a typical family on biomass to meet their renewable energy goals. The will spend about $2,500 more per year at current prices. carbon neutrality of biomass harvested from sustainably managed forests has been recognized repeatedly by Heating oil now costs $39.08 per million Btu. In contrast, wood pellets provide that same amount of heat for just numerous studies, agencies, institutions, and rules around the world. $18.91. The only heat source that comes in at a lower cost is cord wood. As inflation takes a heavy toll on your industry and household budgets, wood pellets offer an opportunity to Wood energy is a growing part of the overall forest boost demand for wood products and lower heating costs economy, creating good jobs and new opportunities for our forest workforce. I have long supported the use of wood energy for homes and businesses. I will continue to support federal policies to advance the use of renewable biomass to counter the effects of climate change and to improve our environment and our forest products industry. Pellets provide a that is so important for our energy future.
Wood Pellets: A Growing Opportunity for Maine’s Forest Products Industry
Taking On Inflation and Supporting Maine Families From gas tanks to groceries, working people across Maine are struggling with rising prices, sluggish supply chains, and a higher cost of living. While these rising costs are mostly due to global factors outside of any one person's (or president's) control, it's clear that Congress can, and must, take action that helps lower costs for Maine people without choking our economy. First, we need to address the supply chain crisis that is driving rising costs. One way to do that is by passing the bipartisan U.S. Innovation and Competition Act, legislation that would create a new office to closely monitor the status of the nation’s supply chain and respond to disruptions. The bipartisan legislation would also provide billions to prevent shortages of goods and boost American manufacturing – especially the high-tech products that are used in nearly every 21st century machine including modern logging and lumber processing machinery. This is a win-win that would make us less reliant on foreign supplies and create new American jobs. We also need to make sure that prices aren't rising because of a lack of competition in key industries. In the meatpacking industry for example, only four companies control almost the entire market – meaning both that one problem in one company can have widespread impacts, and this small group has too much control over setting the market price. Congress must update our antitrust laws so that prices remain stable and to protect the independence of small businesses like the family and private owned logging businesses across our state. Addressing inflation also
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Professional Logging Contractors of Maine
includes confronting workforce issues. Right now, as I’m sure you’ve seen, labor shortages are placing a burden on small businesses that have no choice but to pass those costs on to consumers. We simply do not have enough people to fill the jobs that our strong economy has created; there’s roughly two job openings nationwide for every American seeking work. That is why I strongly support increased investment in workforce training programs to bring folks into Sen. Angus King high-skilled fields like yours, as well as a comprehensive immigration policy that will bring new, legal workers into our economy. Finally – perhaps where Maine people are feeling price rises the most – we need to find ways to lower costs at the pump for consumers and businesses. These prices represent high demand and insufficient supply, which is why I've been urging top oil and gas executives to focus on production that will drive down costs rather than the stock buybacks that line their own pockets. In the long term, we need to take significant steps to transition away from these fuels and towards clean energy sources here at home not subject to the wild swings we’ve seen this year in oil and gas, including wood waste biofuels. There are a lot of moving pieces, but I believe there are real ways that Congress can work to fight inflation. It's one of the most pressing issues facing Maine people, and I'll be pushing for significant action in the weeks ahead.
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