06.26.08

Burr Calls For Action On “Gas Price Reduction Act Of 2008”

Bill provides solutions to the nation’s energy problems

U.S. Senator Richard Burr (R-NC) called on his Senate colleagues to quickly consider and pass The Gas Price Reduction Act of 2008. The bill, introduced today by Senate Republican Leader Mitch McConnell (R-KY) and cosponsored by Senator Burr, is a comprehensive plan to address the problem of soaring gas prices.

"Our country needs to take immediate action to combat rising energy prices," Burr said. "We need a comprehensive approach that includes more short-term domestic exploration as well as a large investment in new technologies so we can relieve the economic pain that American families are feeling. We also need to take steps to move us away from our dependence on foreign oil so that we will be less vulnerable to high gas prices in the future."

The legislation would increase domestic energy production, thereby easing the pressure on domestic and international energy markets. The bill allows States to make a determination about exploration off their coasts. Offshore exploration would be required to be conducted out of sight of the coast with stringent environmental protections. It also includes a revenue sharing program that would give 37.5% of the royalties to State Governments. Additionally, this bill would repeal the moratorium on oil shale production on federal lands, allowing exploration where it is estimated there is 3 times as much recoverable oil than in Saudi Arabia.

In addition, the Act calls for a concerted effort to increase research and development for plug-in hybrid electric cars and trucks. This includes providing incentives for better and more efficient batteries such as providing funds for direct loans for advanced battery manufacturing facilities. The bill also calls on the Federal Government to purchase more plug-in hybrid electric vehicles as a start with the goal of moving to an all-electric platform.