GREGG COSPONSORS AMENDMENT TO REDUCE GAS PRICES AND DECREASE DEPENDENCE ON FOREIGN OIL

Wednesday, May 7, 2008                                                   Contact: Andrea Wuebker/Laena Fallon

GREGG COSPONSORS AMENDMENT TO REDUCE GAS PRICES AND DECREASE DEPENDENCE ON FOREIGN OIL

            WASHINGTON – U.S. Senator Judd Gregg (R-NH) has cosponsored an amendment to address rising gas prices and reduce America’s dependence on foreign sources of oil by expanding the focus of our nation’s energy policy to domestic production of both traditional and alternative energy sources. The American Energy Production Act of 2008, on which the amendment is based, will produce up to 24 billion barrels of oil domestically and expand our nation’s commitment to renewable sources and advanced energy technologies.  This amendment is pending on the flood insurance bill currently being considered by the Senate and has been scheduled for a vote by the full Senate on Monday, May 12, 2008.

Senator Gregg stated, “It is high time that this Congress take meaningful action to address our nation’s skyrocketing fuel prices.  With some experts forecasting oil prices as high as $200 a barrel and projecting gas prices reaching nearly $5 per gallon over the coming year, this Congress cannot keep overlooking the basic laws of supply and demand behind this upward trend.  In addition to boosting energy conservation and renewables, we need to expand domestic production of all energy sources, and we need to start this effort now.

“This amendment takes a long overdue step to do just that by increasing the production of oil and gas here in the United States, as well as supporting the development of renewable energy and advanced energy technologies.  Our nation is going to need oil and gas for the foreseeable future, and it makes no sense to rely increasingly on the Middle East, Venezuela, or Russia for such fuels when there are untapped sources here.  Increased domestic production will be key to fulfilling our nation’s energy needs, putting downward pressure on market prices for oil and gas, and ultimately reducing the pain at the pump for American families.

“Reducing our dependence on foreign sources of oil will have other benefits.  It will provide a boon to our economy by creating new jobs in research, development and production of energy sources, and it will strengthen our national security as we become less dependent on oil from the Middle East.

“I hope my colleagues will join me in supporting this legislation which is critically important to American families and our economy.”

Background

A summary of the American Energy Production Act, S. 2958, can be found here.

Recent votes by Senator Gregg on energy policy:

·         In April of 2008, Senator Gregg supported a clean and renewable energy amendment to the Senate Housing bill which extends tax credits and incentives to encourage clean and renewable energy production and promote energy efficiency.  The amendment, which was approved by the Senate and incorporated into the Housing bill that is currently pending before the House, supports further development of clean and renewable sources of energy, including solar, biomass, geothermal, and wind, as well as improved energy efficiency in both residential and commercial buildings. 

·         In December of 2007, Senator Gregg supported HR 6, the Renewable Fuels, Consumer Protection, and Energy Efficiency Act of 2007, which, among other things, increases CAFÉ standards to 35 miles per gallon for cars and light trucks by 2020.

·         In June of 2007, Senator Gregg offered an amendment to an earlier version of HR 6 to permanently repeal the 54-cents-per-gallon tariff on imported ethanol to reduce the cost of gasoline.  Unfortunately, this amendment was not agreed to.