Gulf of Mexico Energy Security Act, Extension of Vital Energy Tax Credits Now Signed Into Law
Will stabilize energy prices, encourage efficiency
December 20, 2006
12:47 PM
Washington, D.C. – President Bush today signed into law the Gulf of Mexico Energy Security Act as part of H.R. 6111, The Tax Relief and Health Care Act of 2006. The bill also extended several popular energy tax programs that encourage efficiency and conservation as well as the production and use of renewable energies.
Senate Energy & Natural Resources Chairman Pete V. Domenici, the lead sponsor of the Outer Continental Shelf energy plan, attended the signing at 11:45 a.m. in the White House. Domenici’s bill, originally S. 3711, will bring an estimated 1.26 billion barrels of oil and 5.8 trillion cubic feet of natural gas to market over the next several years. The OCS provision builds on the accomplishments of the Energy Policy Act of 2005, a comprehensive energy bill Domenici helped draft and shepherd through Congress.
Domenici’s statement:
“At the beginning of the year, I said that getting this OCS bill done was my top priority. Today is a thrilling day for me. The Gulf of Mexico Energy Security Act provides relief for the American people from high natural gas costs. Now that it is signed into law, the U.S. government will issue leases within the year and then we can begin bringing these rich reserves of American energy to market. With this American oil and gas production, we will protect American jobs that might have gone overseas in addition to creating new American jobs. We will ease the burden of high energy prices on American consumers and businesses. We will do it all with American technology, American ingenuity and American resources.
“Combining this bill with the extension of several vital energy tax credits is a double victory for American consumers and businesses. Besides providing our homes and businesses with more energy, this legislation provides incentives for the conservation and efficient use of energy. These tax credits also encourage the production and use of clean and renewable energies so we can, over time, reduce our reliance on fossil fuels. It addresses today’s needs and tomorrow’s hopes.”
###
