ABC July 23 expressed disappointment in the “Stop Excessive Energy Speculation Act of 2008” (S.3268), a bill that would curb excessive speculation in oil markets with no apparent plan to allow consideration of any other legislative proposals that would decrease America’s dependence on foreign energy.
In a letter sent to members of the Senate, ABC urged policymakers to enact legislation to facilitate increased production of domestic oil, natural gas and coal, and to encourage development of renewable and alternative energy sources.
“There is no issue that demands the attention of Congress more than today’s energy crisis,” the letter stated. “We understand that there are no immediate remedies to our energy crisis, however doing nothing will only make fulfilling America’s energy needs more difficult as time goes on.”
Specifically, ABC believes responsible oil and gas development must be allowed in the Artic National Wildlife Refuge (ANWR) and deepwater, offshore drilling must be brought online. ABC also supports the development of oil shale technology and the construction of new refineries. New and sustainable energy sources must also be developed, the letter noted.
“Consideration of this critical issue should be full, open and transparent and above all, increased domestic energy production must be addressed immediately,” the letter stated.
For more information, contact Brewster Bevis at ABC, bevis@abc.org.