WASHINGTON – U.S. Senator Pete Domenici, ranking member of the Senate Energy and Natural Resources Committee, today issued the following statement regarding the Gas Price Reduction Act introduced by 42 Senate Republicans today:
“I’m pleased to join my Republican colleagues in supporting the Gas Price Reduction Act introduced by Senator McConnell. This legislation represents the latest effort to reduce our dependence on foreign oil by addressing the fundamental supply and demand problem that our nation is facing.
“By allowing for deep sea exploration, lifting the moratorium on oil shale development, and expanding research for advanced battery development, this legislation recognizes the need for both short and long term solutions to meet our energy needs.
“While the Majority has come up with excuse after excuse for opposing more production, to me the path forward should be clear. Passing a bill like the Gas Price Reduction Act will send a strong message to the world’s oil markets and the unfriendly nations that we buy oil from that America has had enough. I hope that Democrats will reconsider their widespread opposition to increased domestic production.”
Domenici is the author of the American Energy Production Act of 2008 (S.2958), which would provide up to 24 billion barrels of American oil and lifts the bans on deep sea exploration, lifts the moratorium on oil shale development, permits exploration in Alaska, incorporates coal-to-liquids as part of our fuel supply and enhances our refining capacity.