As Democrats Delay Action on Gas Prices, Domenici, GOP Senators Seek EIA Analysis of Production Bill
Fourteen Senators Ask for Impact of GOP Plan Introduced Yesterday
May 2, 2008
01:44 PM
WASHINGTON – U.S. Senator Pete Domenici and thirteen of his Republican colleagues today asked the U.S. Energy Information Administration (EIA) to analyze the impacts of a bill they introduced to dramatically increase domestic production.
The American Energy Production Act (S.2958) introduced by Domenici, Senate Republican Leader Mitch McConnell (R-Ky.) and 18 other GOP Senators, could produce up to 24 billion barrels of oil—enough to supply America for five years with no foreign imports by expanding production offshore and in Alaska. The bill will also make billions more barrels of fuel available through the development of oil shale and coal to liquids technology.
Domenici is seeking an EIA analysis of the impact the legislation will have on America’s reliance on foreign oil and energy prices as compared to forecasts the agency made in its Annual Energy Outlook 2008.
“Americans are sick and tired of paying high gas prices, and they are sick and tired of being beholden to unstable regions of the world for energy. While Democrats have rejected efforts to expand domestic production in the past, I believe they should seriously reconsider common sense proposals like the ones in our bill now that the price of oil is so high. I look forward to obtaining an expert analysis of the impact our legislation will have to reduce our dependence on foreign oil and lower energy prices,” Domenici said.
The full text of the letter appears below:
We are writing to request that the Energy Information Administration (EIA) analyze the impacts of the “American Energy Production Act of 2008” (S. 2958), which we introduced on May 1, 2008. We ask that EIA undertake an analysis of any changes in import reliance and energy prices that may result from this legislation as compared to the forecasts contained in the Annual Energy Outlook 2008.
We are deeply concerned that rising energy prices threaten the well-being of all Americans, and we believe that more of our energy supplies should be produced at home. An analysis by the EIA of the “Domestic Energy Production Act of 2008” would prove useful to members of Congress as we seek to craft measures that could lower the cost of energy and increase our energy security.
We ask that the economic impact assessment be completed as soon as time and resources permit and that EIA begin this process by meeting with Senate Committee on Energy & Natural Resources minority staff as soon as possible to discuss the parameters, methods, and duration of the analysis.
Thank you for your assistance with this analysis.
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