FOR IMMEDIATE RELEASE: May 1, 2008
CONTACT: Matt Mackowiak
Sen. Hutchison, Senate Republicans Unveil Plan to Increase American Fuel Production
Senate Republicans Aim to Lower Energy Costs, Curb Reliance on Foreign Oil
WASHINGTON -- U.S. Sen. Kay Bailey Hutchison (R-Texas), Texas’ senior senator, today announced new legislation that seeks to lower gas prices and reduce dependence on foreign energy sources by significantly increasing domestic production of oil and natural gas.
“We’ve been fighting for increased domestic oil and gas production in Congress for years and it has continually been blocked,” said Sen. Hutchison. “This bill will be a step in the right direction to lowering the price of energy for all Americans.”
The Domestic Energy Production Act of 2008 would allow oil and gas exploration and production in the Outer Continental Shelf of the Pacific and Atlantic, as well as Alaska. It is estimated that these areas, along with the Gulf of Mexico Outer Continental Shelf, could contain as much as 115 billion barrels of oil – significantly greater than Venezuela’s current reserves of 80 billion barrels - and 565 trillion cubic feet of natural gas, which is greater than the combined natural gas reserves of Iraq, China, Yemen, Oman, Nigeria, and Venezuela.
“Now, more than ever, we must seek common sense solutions to provide Americans relief,” said Sen. Hutchison. “The Domestic Energy Production Act would make a significant difference by enabling us to produce more of our own oil and gas for our country, so we’re no longer dependent on foreign sources, many of which are hostile towards America.”
Additionally, this bill allows oil and gas leasing in the Arctic National Wildlife Refuge which could contain as much as 10.4 billion barrels of oil. A 2,000 acre area of production in Alaska could contain nearly as much oil as all of Mexico’s oil reserves. The Domestic Energy Production Act of 2008 would grant access to over one trillion barrels of shale oil in the Colorado, Wyoming, and Utah. These reserves are equivalent to three times the oil Saudi Arabia has on reserve. The bill will also streamline regulatory requirements for new refinery capacity.
Sen. Hutchison is one of the bill’s original co-sponsors, along with Sen. Pete V. Domenici (R-NM), who authored the bill, Sens. Wayne Allard (R-CO), Robert Bennett (R-UT), John Barrasso (R-WY), Kit Bond (R-MO), Jim Bunning (R-KY), Saxby Chambliss (R-GA), Thad Cochran (R-MS), John Cornyn (R-TX), Mike Enzi (R-WY), James Inhofe (R-OK), Johnny Isakson (R-GA), Lisa Murkowski (R-AK), Jeff Sessions (R-AL), Ted Stevens (R-AK), John Thune (R-SD), Roger Wicker (R-MS), and George Voinovich (R-OH).
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