Cornyn Backs New, Broad Effort To Address High Gas Prices
Says “Opponents of Domestic Energy Production Are Quickly Running Out of Excuses”
Thursday, June 26, 2008
WASHINGTON—On Capitol Hill today, U.S. Sen. John Cornyn, Vice-Chairman of the Senate Republican Conference, joined with 43 other Republican Senators in introducing the Gas Price Reduction Act of 2008, which is designed to address the high price of gas at the pump and provide a balanced approach to America’s long-term energy needs. This new legislation represents the latest effort by Sen. Cornyn and his Republican colleagues to seek immediate action by Congress in addressing America’s growing domestic energy problem.
“Americans deserve real results, not rhetoric, when it comes to providing relief from high gas prices. This new legislation is a balanced approach that should be embraced by every Member of Congress -- and it should be acted on quickly so we can begin to address this growing problem. Congress can pass many laws but we cannot repeal the law of supply and demand in the global marketplace. This is an American problem that demands American solutions,” Sen. Cornyn said.
By not including ANWR exploration in this new bill, despite the strong support it enjoys from the vast majority of Senate Republicans, Sen. Cornyn said today that opponents of more domestic production are quickly running out of excuses for inaction. “Unfortunately, we’ve watched as the Democratic leadership in Congress has used ANWR as a red herring for opposing all domestic energy expansion. If those who oppose this latest proposal still disagree, then I would be interested in hearing their own ideas. So far, they only seem interested in ideas that would raise energy prices and make us more dependent on foreign oil,” Sen. Cornyn said.
“Opponents of expanding American made energy are running out of excuses. I believe, and most Texans agree, that we need a balanced approach that fuses more domestic production with innovation and alternatives sources, which the government and private sector are already pursuing aggressively. Our intention with this bill is to find common ground in order to move forward with real solutions now,” Sen. Cornyn concluded.
THE GAS PRICE REDUCTION ACT OF 2008
Summary of Provisions
TITLE I – DEEP SEA EXPLORATION (Outer Continental Shelf - 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
Sen. Cornyn serves on the Armed Services, Judiciary and Budget Committees. In addition, he is Vice Chairman of the Senate Select Committee on Ethics. He serves as the top Republican on the Judiciary Committee’s Immigration, Border Security and Refugees subcommittee and the Armed Services Committee’s Airland subcommittee. He served previously as Texas Attorney General, Texas Supreme Court Justice, and Bexar County District Judge.
