Published: 08-11-08
SAN ANTONIO—U.S. Sen. John Cornyn R-Texas today visited a Valero gas station in San Antonio to discuss the need for immediate action to boost domestic energy production and bring down prices at the pump for Texas families and businesses:
“I share the frustrations of families and businesses in San Antonio concerning Congress’ failure to address high gas prices. For months the American people including millions of Texans have been looking to Congress to take bipartisan action to address prices at the pump. I have supported several common-sense measures that would open up oil-rich regions of the United States to energy exploration and production. Why continue to send U.S. dollars into the coffers of unstable foreign nations when we have the potential to meet our nation’s energy needs with energy produced here at home?
“Unfortunately Congressional leaders have vehemently opposed domestic energy production. Senate Majority Leader Harry Reid and House Speaker Nancy Pelosi have refused to schedule a single vote on any proposals that include domestic production. Worse yet they opted to adjourn for the month of August leaving their work undone and the American people running on fumes.
“San Antonio families deserve better. Prolonged high gas prices can have a negative impact on the city’s bustling tourism industry and thousands of jobs which depend on a robust travel market. I hope all Texans will join me in demanding swift bipartisan action to lower prices at the pump.”
Background:
Sen. Cornyn has pushed for Senate consideration of the Gas Price Reduction Act. This comprehensive legislation is a balanced approach that calls for the following:
• DEEP SEA EXPLORATION (Outer Continental Shelf - 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
• WESTERN STATE OIL SHALE EXPLORATION
800 billion - 2 trillion potentially recoverable barrels in Colorado Utah and Wyoming - More Than 3 Times The Oil Reserves Of Saudi Arabia
Democrat Congress put moratorium on final regulations for development of this resource
Republican proposal would repeal the moratorium and allow exploration to move forward
• 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
• STRENGTHENING U.S. FUTURES MARKETS
Authorize increased funding/staff for Commodities 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
