House Republicans reveal energy legislation package

June 2, 2008
US House Republicans announced a legislative package on May 22 to increase domestic oil and gas production, encourage construction of new oil refineries, and facilitate coal-to-liquids research and oil shale development.

US House Republicans announced a legislative package on May 22 to increase domestic oil and gas production, encourage construction of new oil refineries, and facilitate coal-to-liquids research and oil shale development.

Specifically, the package contains a bill to authorize federal oil and gas leasing within the Arctic National Wildlife Refuge, a measure to give the federal government authority to issue leases 100 miles offshore and coastal states the ability to petition for leasing between 50 and 100 miles offshore, and a bill that would streamline refinery permit processing.

Among the other bills, one would give the president authority to waive all or part of the 2007 expanded renewable fuels standard if he finds it is not technologically feasible or the fuel is not commercially available. Another would repeal Section 526 of the 2007 Energy Independence and Security Act, which effectively bans federal use of fuel from oil sands, oil shale, and coal-to-liquids.

Other bills would extend renewable and alternative fuel tax credits, repeal the ethanol tariff, reduce the number of boutique fuels, begin nuclear fuel recycling, and provide nuclear science education and workforce opportunities.

“This is a package for American-made energy for American jobs and the American economy. These bills touch every portion of the energy sector, and whatever it takes to get them to the House floor, we’re for because we want energy prices down,” said Joe Barton (R-Tex.), the House Energy and Commerce Committee’s ranking minority member.

‘This is actual policy’

“I am personally tired of standing around, wringing my hands and watching each day’s increase in a barrel of oil on the spot market and subsequent increase in the price of gasoline at the pump. This is actual policy, not more of the feel-goodism that the House has engaged in over the past 2 weeks,” Barton continued. He also introduced his own bill addressing concerns over energy futures market speculation. The measure would require the Federal Trade Commission, in conjunction with the Energy Information Administration and the Federal Reserve, to study the effects of speculation in foreign and domestic futures markets and determine if there are any anticompetitive impacts.