Toomey

Toomey

Toomey discusses natural gas, cryptocurrencies, and Senate race in TL visit

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WILKES-BARRE — U.S. Sen. Pat Toomey was in the area last week to voice his support for Pennsylvania’s natural gas workers and industry and to meet with industry leaders to discuss the state of the industry in the region.

Toomey, R-Lehigh Valley, stopped at the Times Leader and he said he will continue to focus on how important the energy industry is to Pennsylvania’s economy and underscore how it is a better alternative to relying on gas and oil from foreign regimes.

Toomey, 60, is not running for reelection this year. His term expires at the end of 2022.

A recent Op-Ed column by Toomey in the Wall Street Journal dealt with secondary sanctions against Russia. In the piece, Toomey argued that the U.S. can help provide natural gas supply to Europe in an effort to replace some of the Russian supply.

During his meeting with the Times Leader, Toomey talked about the direct benefits of the region’s natural gas industry: high-paying jobs, the economic impact, and the environmental impact.

Toomey said the U.S. leads the world in minimizing carbon dioxide emissions.

“We have this incredible natural asset under our feet, yet the current administration in Washington appears to be indifferent,” Toomey said. “The far left wants a zero carbon level. Natural gas will not give us zero carbon, but the emissions are very low.”

Recently, Toomey released the following statement after the Biden administration with the European Commission announced a joint task force to reduce Europe’s reliance on Russian energy:

“The joint task force’s timeline for reducing Europe’s dependence on Russian energy is too long to cripple Putin’s war machine in Ukraine. In order to effectively sever his revenue stream, we must cut off Putin’s oil and gas sales globally by imposing secondary sanctions on the entirety of Russia’s financial sector. While this would be temporarily costly for Europe, the price of thwarting Putin’s assault on the Ukrainian people isn’t as expensive as allowing him to reconstitute a Russian empire. The time to take action is now — while the demand for gas has lessened and American companies and others can help replace supplies ahead of next winter.”

Toomey said he believes that a clean environment is important and supports common-sense pollution controls designed to protect public health and our natural resources. He said he believes that state agencies have the knowledge, experience, and accountability to properly safeguard these important assets.

Over the past decade, Toomey said domestic energy production — including natural gas from the Marcellus Shale — has proven to be a bright spot in America’s economic recovery. He said cheaper energy prices not only help Americans fuel their cars and heat their homes, but also help make American manufacturers more competitive in the global marketplace and create good-paying jobs.

Cryptocurrencies

With less than a year left inn his term, Toomey said one issue he intends to spend time on is cryptocurrencies.

By definition, cryptocurrencies are digital currencies secured by cryptography that can act as a medium of exchange for the sale, purchase or trade of goods and services without the need for an intermediary, like a bank.

Toomey serves as the senior Republican on the Senate Banking Committee and he recently released a discussion draft of legislation establishing a new regulatory framework for payment stablecoins.

“While today stablecoins facilitate trading with cryptocurrencies, tomorrow stablecoins could be widely used in the physical economy,” Toomey said. “They have the potential, among other things, to speed up payments and automate transactions,” said Ranking Member Toomey. “The proposed regulatory framework I’m releasing will allow this crypto-innovation to continue flourishing while protecting consumers and minimizing potential risks from stablecoins to the financial system.”

The 2022 Senate race

Toomey said he has not decided if he will endorse a candidate in the 2022 U.S. Senate race to determine who will replace him in the Senate.

“I may endorse or I may not,” he said.

Toomey did predict that whomever wins the GOP nomination will win in the November general election. He said the Democratic front-runner, Lt. Gov. John Fetterman, is “a quasi-socialist.”

Toomey also predicted that the Republicans will gain control of the House of Representatives and Senate in Congress after the midterm election.

Regarding the governor’s race in Pennsylvania, Toomey said Bill McSwain is “an impressive candidate.” Of former U.S. Rep. Lou Barletta, Toomey offered, “I like Lou.”

Toomey also said mail-in ballots should be handled carefully. He said the country has had a system of voting for 230 years that worked fine.

“I’m not categorically opposed to mail-in ballots, but the integrity of elections is more important than ease of voting,” he said.

Toomey said he has not decided what he will do after his term expires.

“I will be working,” he said. “This was the right decision for me. I’ve always believed in term limits.”

Reach Bill O’Boyle at 570-991-6118 or on Twitter @TLBillOBoyle.