SUNUNU ENDORSES PROPOSAL TO LIFT BAN ON OFFSHORE ENERGY PRODUCTION- Addresses Peterborough Rotary

FOR IMMEDIATE RELEASE:                          CONTACT: BARBARA RILEY

8/4/08                                                          202-224-2841

                                                                LIZ CHAMBERLAIN

                                                                603-430-9560

SUNUNU ENDORSES PROPOSAL TO LIFT BAN

ON OFFSHORE ENERGY PRODUCTION

Address to Peterborough Rotary lays out

comprehensive plan for balanced energy policy

PETERBOROUGH, NH– United States Senator John Sununu (R-NH) underscored his support for lifting the ban on offshore energy exploration across the Gulf of Mexico and off the mid-Atlantic states in a speech before the Peterborough Rotary that laid out the need for a comprehensive energy plan.

“America needs a balanced approach to comprehensive energy reform that focuses on conservation, invests in renewable, alternative energy sources, increases domestic and offshore production in an environmentally safe way, improves regulation of energy markets, and doubles LIHEAP funding for New Hampshire families,” said Sununu.  “Increasing our independence from foreign oil imports through new energy sources - in combination with conservation, renewable energy and other provisions - will provide the relief that consumers across the country seek.”

Sununu has endorsed the new bipartisan “New Energy Reform Act of 2008” which contains provisions to lift the ban on offshore drilling, promote new technologies and conservation, and require that oil companies to pay fair market prices for oil leases and drilling rights. 

Key proposals of the “New Energy Reform Act of 2008” include:

•   Lifts Ban on Offshore Energy Production:  The ban on offshore energy production will be lifted across the entire Gulf of Mexico as well as off the coast of Virginia, North Carolina, South Carolina, and Georgia.  States would be given the opportunity to approve production and participate in royalties generated.

•   Includes Strong Conservation Incentives: The proposal takes strong steps to promote new technologies that will reduce the amount of foreign oil we consume.

•   Extends Tax Credits for Renewable Energy: The proposal extends tax credits in a number of areas including renewable energy, carbon mitigation and energy conservation and efficiency tax incentives, including the production tax credit, through 2012.

•   Eliminates tax breaks for energy companies:  The proposal repeals tax breaks and incentives for oil companies.  Oil companies will also be required to pay royalty payments due on existing leases where royalties were not previously charged.  The inability to collect royalty payments was a result of poor drafting of leases during the Clinton administration.  The revenue would be invested in alternative fuels.

•   Encourages Use of Nuclear Power:  The proposal supports research and development on spent fuel recycling and accelerates the depreciation for nuclear plants.

Senator Sununu continues to support additional components of a balanced energy policy:

•  On December 13, 2007, Sununu supported Senate passage of the 2007 bi-partisan Energy Bill, which increased fuel economy standards for the first time in 32 years and encouraged investment in renewable energy technology. Under the bill, the average mileage standards will increase to 35 miles per gallon by 2020.

•  Sununu is a cosponsor of the “Clean Energy Tax Stimulus Act” that extends clean energy production tax credits and incentives to improve the energy efficiency of new and existing homes, businesses and appliances. The legislation included Sununu's provision to provide a 10 percent tax credit for the purchase of energy-efficient wood pellet stoves and passed the Senate by a vote of 88 to 8 on April 10, 2008.

• Sununu is co-sponsor of the “Gasoline Price Reduction Act of 2008” which would allow additional deep-sea energy exploration and Western oil shale production. The bill also encourages development of plug-in electric cars and trucks and strengthens oversight of the energy futures market.

• On June 24, 2008, Sununu cosponsored Senator Bernie Sanders’ “Warm in Winter and Cool in Summer Act” to provide an additional $2.53 billion to the Low Income Home Energy Assistance Program (LIHEAP).  Additionally, on July 17, 2008, he cosponsored Senator Judd Gregg’s “Home Energy Assistance Today Act” to provide an additional $2.5 billion for LIHEAP and double LIHEAP funding for seniors and low income families in New Hampshire.  On July 24, 2008, he cosponsored Senator Judd Gregg’s “Weatherization, Assistance, and Relief for Middle-Income Households Act of 2008” (WARM Act)  to double LIHEAP funding and provide weatherization funding and a heating oil tax credit for middle income households.