While Senator Lugar was not in favor of the Waxman-Markey cap and trade approach, as it is written, Senator Lugar does say
"Notwithstanding my caution on the Waxman-Markey cap and trade formula, we should act quickly on a number of measures that would reduce our dependence on foreign oil, help limit the foreign policy risks of global hydrocarbon dependence, support economic growth, and cut greenhouse gas emissions."
Lugar's final note brought back to focus that the USA must think about its energy dependancy as a national security issue.
"Urgent attention should be given to improving the mix of feedstocks that can be turned into fuel. We should transition out of the current static biofuels subsidy programs, which, in my judgment, will become more difficult to extend as the cost rises and therefore will become less effective at encouraging investment. Instead, we should embrace market assurances tied directly to the price of petroleum, creating more reliable incentives and adopting a more taxpayer friendly approach. And finally, we must ensure that all new vehicles can employ multiple fuel sources, giving choice to consumers and spreading the reach of biofuels at low cost."
Senator Lugar's full speech provides additional detail and insight on this issue.
"Energy is at the root of multiple threats to our country. Some of those threats we see today and feel personally, others may develop in the more distant future. As we endeavor to act on climate change, we should favor and accelerate policies that strengthen America against other threats that also are derived by how we generate and use energy."