Thursday January 29, 2009
Gas Price Reduction Act of 2008
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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. I have co-sponsored this legislation, which makes good progress in addressing short- and long-term energy needs and security for our country.
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
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State Option Nationwide (except Gulf of Mexico)
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Governor petitions to allow exploration, with concurrence of state legislature
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Exploration must be at least 50 miles from coast
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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
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800 billion - 2 trillion potentially recoverable barrels in Colorado, Utah, Wyoming
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Democrat Congress put moratorium on final regulations for development of this resource
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Republican proposal would repeal the moratorium and allow exploration to move forward
TITLE III: PLUG-IN ELECTRIC CARS AND TRUCKS
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We need better batteries to maximize electricity range & use less gas
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Increased R&D for advanced batteries
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Direct Loans for advanced battery manufacturing facilities
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Sense of Senate that the Federal Government should increase its purchases of these vehicles
TITLE IV: STRENGTHENING U.S. FUTURES MARKETS
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Authorizes increased funding/staff for Commodity Futures Trading Commission (CFTC)
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Directs the President’s Working Group on Financial Markets to study the international regulation of commodities markets
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Codifies CFTC action on position limits and transparency for foreign boards of trade
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Requires the CFTC to gather information on index traders and swap dealers
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