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Posted: 11:38 AM Jun 26, 2008
Senator McConnell Introduces Legislation To Address High Gas Prices
Senate Republican Leader Mitch McConnell introduced the Gas Price Reduction Act of 2008 on Thursday to address the high price of gas at the pump and provide a balanced approach to America's long-term energy needs.
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Washington, DC - Senate Republican Leader Mitch McConnell introduced the Gas Price Reduction Act of 2008 on Thursday to address the high price of gas at the pump and provide a balanced approach to America's long-term energy needs. The legislation, which has a total of 43 cosponsors, is a result of efforts by Senate Republicans to intensify the legislative debate and provide a vehicle for bipartisan action addressing high gas prices.
"The Gas Price Reduction Act uses a three-pronged approach -- conservation, innovation for newer technologies, and expanded exploration of our domestic resources -- to solve America's energy crisis," McConnell said. "This legislation also would create thousands of jobs and help get prices down at the gas pump. We must expand our domestic energy production and limit the hold Middle Eastern nations have on our economy.
"The United States is the third-largest producer of oil in the world after the Saudis and the Russians. While we must work now to reduce our dependence on fossil fuels, if we truly want to achieve energy independence, America must be allowed to take advantage of the vast energy resources we have right here at home."
THE GAS PRICE REDUCTION ACT OF 2008
TITLE I - DEEP SEA EXPLORATION (OCS)
14 billion barrels on Atlantic and Pacific OCS - More than all US imports from Persian Gulf countries over the last 15 years
- State Option Nationwide (except Gulf of Mexico)
- Governor petitions to allow exploration, with concurrence of state legislature
- Exploration must be at least 50 miles from coast
- 50% of revenues to Federal Treasury, 37.5% to States, 12.5% to Land & Water Conservation Fund
TITLE II: WESTERN STATE OIL SHALE EXPLORATION
More than 3 times the oil reserves of Saudi Arabia
- 800 billion - 2 trillion potentially recoverable barrels in Colorado, Utah, Wyoming
- Democrat Congress put moratorium on final regulations for development of this resource
- Republican proposal would repeal the moratorium and allow exploration to move forward
TITLE III: PLUG-IN ELECTRIC CARS AND TRUCKS
- We need better batteries to maximize electricity range & use less gas
- Increased R&D for advanced batteries
- Direct Loans for advanced battery manufacturing facilities
- Sense of Senate that the Federal Government should increase its purchases of these vehicles
TITLE IV: STRENGTHENING U.S. FUTURES MARKETS
- Authorizes increased funding/staff for Commodity Futures Trading Commission (CFTC)
- Directs the President's Working Group on Financial Markets to study the international regulation of commodities markets
- Codifies CFTC action on position limits and transparency for foreign boards of trade
- Requires the CFTC to gather information on index traders and swap dealers
Latest Comments
This is a horrible bill. Why isn't there anything addressing the mileage on our vehicles? Why isn't there anything about each state's right to proceed with environmental efforts? Or anything on making Most of our vehicles on the road get40 mpg's? The only vehicles' that should get 20 or less should be for our cargo trucks. I think food should be addressed. Why not have incentives for local food co-ops? If we all buy local our food doesn't have the same gas cost association. The high gas prices suck and it is putting a strain on most of us, however they are also making people become creative. Here in Florida, there is a growing group of people converting their truck and cars in to electric. It's awesome. Rather then more oil exploration to go on with business as usual, we need to become more of a community again to think of some progressive ways of helping everything in the country.
Senator McConnell, An excellent energy bill. The thing about the "stupid" Democrat leadership is, they are spinning in the media, it will take ten years to develope our national resources. Question?? How long do they say it will take to develope alternative sources for energy? They don't.All Americans are not the stupid, ring in the nose socialists the Democrats want them to be. I have responded to legislation pending and passed, with Harry Reid. The communication I receive back I can not make any sense out of at all. When I respond back, I hear nothing. Common sense is foreigh to his staff, or responders. Lower your head, bare your horns, and keep on the course for a stronger, independant,nation. God bless you and all conservative Republicans, fighting for the good of the country.
What a phony. The "3-pronged" approach seems to be false, as the text of the bill focuses almost 100% on exploration and drilling, which will provide NO RELIEF to the American market. Even the oil companies attest to that!
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