GREGG SUPPORTS AMENDMENTS TO REDUCE GAS PRICES AND EASE DEPENDENCE ON FOREIGN OIL

Tuesday, May 13, 2008                                               Contact: Andrea Wuebker/Laena Fallon

GREGG SUPPORTS AMENDMENTS TO REDUCE GAS PRICES AND EASE DEPENDENCE ON FOREIGN OIL

WASHINGTON – U.S. Senator Judd Gregg (R-NH) today voted in support of two amendments to address America’s growing energy crisis and ease skyrocketing gas prices.

The first amendment, sponsored by Senators Mitch McConnell (R-KY) and Pete Domenici (R-NM), was an effort to ease record-high gas prices and scale back U.S. dependence on foreign oil by expanding current energy policies to include increased domestic production of both traditional and alternative energy sources. The American Energy Production Act of 2008, on which the amendment was based, would produce up to 24 billion barrels of oil domestically and expand the nation’s commitment to renewable sources and advanced energy technologies.  Additionally, it would suspend oil purchases to the U.S. Strategic Petroleum Reserve (SPR) for six months. This amendment, cosponsored by Senator Gregg, failed by a vote of 42 to 56.

The second amendment, sponsored by Senator Byron Dorgan (D-SD), requires the U.S. Department of Energy to stop filling the SPR until December 31, 2008 unless the three month average of the price per barrel of oil falls to $75 or less.  The amendment, supported by Senator Gregg, was adopted by a vote of 97 to 1, and was included in the Senate flood insurance bill, which was approved by the Senate today by a vote of 92 to 6.

Senator Gregg stated, “Reducing our dependence on foreign sources of oil by increasing domestic production is key to fulfilling our nation’s energy needs, and it would help put downward pressure on market prices for oil, ultimately reducing the pain at the pump for American families.  The McConnell amendment would have provided a boon to our economy by creating new jobs in research, development and production of energy sources, and it would have strengthened our national security by making us less dependent on oil from the Middle East. 

“Although we agreed on temporarily halting deposits into the SPR which will hopefully have some effect on fuel prices, I am disappointed that my Democratic colleagues do not see eye-to-eye with me on providing more U.S. oil and gas supplies for hardworking American families.   The basic laws of supply and demand can no longer be ignored.   Unless we increase production along with more conservation and alternative fuels, the only real winner will be OPEC and those that profit from tight supplies and the increasing strain on American pocketbooks.   

“It is truly unfortunate that the Democratic Leadership of the Senate continues to play politics with our nation’s energy policy and prolong the pain at the pump instead of focusing on new ideas which produce real results to benefit the U.S. economy and American drivers.  The McConnell amendment took long overdue steps to show the global community and the American people that Congress is serious about our nation’s energy crisis by requiring increased production of oil and gas here at home, as well as supporting the development of alternative energy technologies.  I will continue to urge my Senate colleagues to advance energy policies which provide relief to all Americans and boost our economy.”

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.