Friday, June 27, 2008                                                 Contact: Andrea Wuebker/Laena Fallon

SENATOR JUDD GREGG CALLS FOR ENERGY SOLUTIONS NOW

NH Senator supports commonsense legislation that will help ease energy prices at home, at work, and on the road for American families

WASHINGTON - U.S. Senator Judd Gregg (R-NH) this week joined 44 Senate Republicans in calling for immediate action to improve America’s economy, environment, and national security by increasing American-based energy production and encouraging conservation measures. The Gas Price Reduction Act of 2008, also introduced this week, will address the high price of gas at the pump and provide a balanced approach to America’s long-term energy needs. (Summary of the bill’s provisions included below).  The legislation is a result of efforts by Senate Republicans to intensify the legislative debate and provide a vehicle for bipartisan action addressing high gas prices.

Noting that the rising costs in fuel and energy are having a harsh impact on family budgets across New Hampshire and the nation, Sen. Gregg stated, “Gas and energy prices are hitting record highs daily, which in turn, impacts the cost of food, the price of heating one’s home, and other essentials needed on a daily basis.  Families, communities, and businesses are feeling the strain of America’s dependence on foreign sources of oil and lack of new production here at home, and it is time for action.

“The solution to America’s energy needs will require that Congress enact a comprehensive energy policy to address both supply and demand. The formula is simple—adopt policies now that not only reduce demand but also increase U.S. domestic supply. 

“To improve our economic and national security, we need to start looking at viable and realistic ways of increasing American-based production of energy by exploring of the Outer Continental Shelf (OCS), which could potentially increase domestic oil production by as much as 20 percent for 40 years; increasing America’s refining capacity; and tapping into the potential for recovery of vast amounts of oil shale in our Western states that is estimated to hold more than three times the reserves of Saudi Arabia.  Also, the exploration of natural resources can be done without harming the environment – for instance, there were no major oil spills in the Gulf region after Hurricane Katrina even though thousands of oil platforms were in harm’s way.  We have the technology to explore untapped reserves in an environmentally safe way.

“We must also pursue new technologies to better and more efficiently use the energy we have now.  It is for this reason that I have long been an advocate for increasing fuel efficiency standards for cars and trucks.  We also can encourage the use of plug-in electric cars and trucks to conserve on gasoline and diesel fuel, and I support such technologies through direct loans for the research and development of advanced batteries.

“So while Americans are suffering from high energy prices, it’s time for Congress to stop wasting time and passing meaningless, feel good measures.  It’s time to adopt policies like this legislation will directly impact supply-and-demand and get us on a path toward energy independence.”

THE GAS PRICE REDUCTION ACT OF 2008

Summary of Provisions

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

•      Authorize increased funding/staff for Commodities 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