PRESS RELEASE: INHOFE INTRODUCES BILL TO ADDRESS SOARING ENERGY PRICES
"As Oklahoman and American families continue to face soaring energy prices... now is the time to provide serious solutions."
May 24, 2007
Posted by Matthew_Dempsey@epw.senate.gov (4:30pm ET)
WASHINGTON, DC – Sen. James Inhofe (R-Okla.), Ranking Member of the Environment and Public Works Committee, today introduced the Gas Petroleum Refiner Improvement and Community Empowerment Act of 2007, or the Gas PRICE Act, designed to ease America’s soaring gas prices and work toward achieving energy security. As the Ranking Member and former Chairman of the EPW Committee, Senator Inhofe has not only raised concerns about soaring energy prices and energy security over the years, he has also worked to provide sensible solutions. While Chairman, Senator Inhofe conducted a series of hearings detailing how environmental regulations impact energy security. These hearing led to Senator Inhofe introducing the Gas Price Act in 2005 aimed at improving and expanding domestic energy supply in the United States. The bill introduced today builds on that legislation but is different in a few material ways. Today’s Gas PRICE Act answers the understandably loud cry from the public to increase clean fuel supplies from domestic sources.
"As Oklahoman and American families continue to face soaring energy prices in their homes, at the store, and especially at the pump, now is the time to provide serious solutions," Senator Inhofe said. "American’s are looking for real solutions –not more politicking, rhetoric, or finger pointing that is increasingly common here in Washington.
"Today’s Gas Price Act will increase domestic fuel supplies in several significant ways. Importantly, my bill redefines and broadens our understanding of a ‘refinery’ to include a ‘domestic fuels facility.’ Oil has been and will continue to play a major role in the US economy, but the future of our domestic transportation fuels system must also include new sources of energy such as ultra-clean syn-fuels derived from coal and cellulosic ethanol derived from home grown grasses and biomass. The Gas PRICE Act improves the permitting process for the expansion of existing and construction of new domestic fuels facilities, as well as encourages economically distressed communities to consider siting ultra-clean syn-fuels and cellulosic ethanol refineries in their towns. The public demands more supplies but they also demand that they be clean. My bill establishes an EPA program assessing the use of these ultra-clean syn-fuels as a pollution control strategy. Last, in order for there to be a viable cellulosic biofuel market, stakeholders and the public must know exactly what our renewable fuel reserves potentially may be. This legislation requires a task force to determine just that.
"Oklahoma has long been a leader in oil and gas supply, but today it is also a leader in innovating and providing transportation fuels for the future. In particular, I appreciate the research and development done by Noble Foundation and its partners. The key now is to promote investment in this exciting area in Oklahoma and across the country.
"I look forward working closely with my colleagues so we can send the Gas PRICE Act to the President quickly."