DeGette Supports Key Energy Bills

WASHINGTON – Energy and Commerce Committee ViceChair Diana DeGette (D-CO) supported three key pieces of energylegislation today, joining a strong majority in the House who aretaking action to bring down gas prices and meet our national goal ofbecoming energy independent. The bills sought to affect three aspectsof the problem: spurring domestic energy production, encouraging energyefficiency and conservation, and directing regulators to hold WallStreet accountable for any excessive price speculation that may haveoccurred, inflating the price of oil in commodities markets.

"There are no easy solutions to the current energy crisis in America,"said DeGette. "A gross failure of Republican leadership over the pastdecade has resulted in record prices for people and record profits forBig Oil. As gas prices continue to rise, the House is taking swiftaction to help consumers at the gas pump."

The Energy Markets Emergency Act directs the Commodity Futures TradingCommission (CFTC) to curb immediately the role of excessive oilspeculation in any contract market within its jurisdiction and control.It also directs the CFTC to use its authority to eliminate excessivespeculation, price distortion, sudden or unreasonable fluctuations orunwarranted changes in prices.

While H.R. 6251, the Responsible Federal Oil and Gas Lease Act,received the support of a majority in the House, it fell short of the2/3rds required for passage. The bill would have established a ‘use itor lose it' policy for existing oil and gas leases. Oil companiescurrently have 86 million acres of land for oil production - anestimated 81 percent of America's oil reserves – but they have notdeveloped this land. H.R. 6251 would have directed oil companies todrill these lands and increase domestic production, or risk losingtheir leases to a company that will. None of the Republicans in theColorado Delegation voted for the bill.

If Americans could transition just ten percent of their automobile useto public transportation, it would save the equivalent of every drop ofoil we import from Saudi Arabia. The Saving Energy through PublicTransportation Act, H.R. 6052, provides critical support to thenation's systems of public transportation particularly in encouragingsuch systems to use alternative fuels.

"The combination of increased domestic energy production and gains inefficiency and conservation are the way not only out of our currentcrisis, but to long-term energy sustainability as well," CongresswomanDeGette argued. "The Bush-McCain energy plan may be good for oilmen,but there is a new Sherriff in town and we intend to put the needs ofthe American people first."