12/11/08 -  McConnell: We Simply Cannot Ask the American Taxpayer to Subsidize Failure 11/24/08 -  A Path to Accomplishment, Not Gridlock 11/18/08 -  Republican Leadership Team Announced 11/17/08 -  McConnell Statement On The Yet-To-Be-Written Democrat Spending/Bailout Bill 11/07/08 -  McConnell Statement on Working with President-elect Obama 10/01/08 -  McConnell: Senate Will Act to Protect Main Street 10/01/08 -  McConnell: Economic Rescue Plan: Senate to Vote Tonight 08/26/08 -  Senate Dems: Let Them Eat Cake 08/20/08 -  T. Boone Pickens vs. Democrat Energy Plans 08/01/08 -  Washington Speak: Gas Price Edition 07/28/08 -  Senate Dems' Gas Price Politics 07/24/08 -  Dems Shut Down Energy Bill After Fears Of “Defections In The Ranks” On Domestic Energy Production 07/22/08 -  Dems Cite Speculation Stats That Don't Match The Facts 07/22/08 -  All Ideas Were Welcome When Gas Was A Fraction Of Today’s Price 07/17/08 -  Act More, Talk Less? 07/15/08 -  More Senate Democrats Signal "Receptiveness" To Domestic Exploration 07/14/08 -  Senate Democrats Begin To Embrace Deep Sea Exploration 07/10/08 -  Dems' Evolving View Of General Petraeus 07/08/08 -  Dems' New Gas Price Strategy: "Drive Small Cars And Wait For The Wind" 07/07/08 -  $4.11 07/01/08 -  McConnell, Grassley Call for Bipartisan Solution to Extend Tax Relief, Energy Incentives; Extending Current Tax Relief is No Excuse for Tax Hikes 07/01/08 -  $4.09 06/27/08 -  Senate Republicans Acting To Reduce Gas Prices 06/26/08 -  Senate Republicans Introduce The "Gas Price Reduction Act Of 2008" 06/24/08 -  Dems' "Gradual Adjustment" Increase Continues To Ignore Pain At The Pump View the Complete List Search Senate Republicans Introduce The "Gas Price Reduction Act Of 2008"   Washington, DC – Senate Republican Leader Mitch McConnell and 42 Senate Republicans offered the Gas Price Reduction Act of 2008 on Thursday to address the high price of gas at the pump and provide a balanced approach to America’s long-term energy needs.  The legislation is a result of efforts by Senate Republicans to intensify the legislative debate and provide a vehicle for bipartisan action addressing high gas prices.   THE GAS PRICE REDUCTION ACT OF 2008 Summary of Provisions TITLE I – DEEP SEA EXPLORATION (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 Authorizes increased funding/staff for Commodity 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 Permalink Posted: June 26, 2008 at 9:43:12 AM EDT Home | Leader Board | Senate Floor | What They’re Saying | Policy Spotlight | Press Room | Multimedia