Alexander promotes Gas Price Reduction Act

Alexander promotes Gas Price Reduction Act

Posted: Thursday, July 31, 2008 10:14 pm

An attempt by Democrats to end debate on Energy Speculation bill was defeated Wednesday in the U.S. Senate. Tennessee’s U.S. Sen. Lamar Alexander was among those senators voting against ending the debate. “This is the wrong approach to fixing $4 gasoline prices,” Alexander said. “The Senate shouldn’t adjourn until we hve a full debate on finding more American energy and using less.” Congress anticipates its upcoming annual August break. “This is what we should be doing, but instead the Democrat leadership is playing parliamentary games that are blocking a full and open rocess to debate and vote on real solutions the American people are expecting and deserve. We must pass balanced legislation such as the Gas Price Reduction Act, that will both find more American energy through offshore exploration and oil shale and use less by supporting new technologies such as plug-in cars.” Last month, Alexander joined other senators in introducing the Gas Price Reduction Act. Still pending on the Senate floor, the bill would: • Increase American production by a third through offshore exploration and western states oil shale (3 million new barrels a day). • Reduce imported oil by a third by making it easier for millions of American to drive plug-in electric cars and trucks (4 million barrels of oil savings a day(. The bill also encourages the federal government to increase its purchases of electric vehicles. • Provide for the addition of 100 employees at the Commodity Futures Trading Commission (cFTC) to beef up oversight of oil speculators. The recent spike in crude oil prices — from about $95 a barrel to $147 a barrel — in commodities trading came not because of low supply but as a result of speculators whose greed manifested itself in prices at the pump. Published in The Messenger 7.31.08

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