THE GAS PRICE REDUCTION ACT OF 2008

The Democrats’ response to high prices has been to oppose every proposal for more American energy development, thus increasing our dependence on unstable regions of the world at a time of record high prices. Republicans, on the other hand, want to take a balanced “use less, find more” approach.

I’m all for the “use less, find more” approach. We need to drill people, we have no other choice. Every damn country on Earth that has oil is drilling and we are the only idiots not drilling.

THE GAS PRICE REDUCTION ACT OF 2008
Summary of Provisions

TITLE I – DEEP SEA EXPLORATION (OCS)
14 Billion Barrels On Atlantic and Pacific OCS – More Than All US Imports From Persian
Gulf Countries Over The Last 15 Years – 1 million barrels per day
• 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

TITLE II: WESTERN STATE OIL SHALE EXPLORATION
More Than 3 Times The Oil Reserves Of Saudi Arabia
• 800 billion - 2 trillion potentially recoverable barrels in Colorado, Utah, Wyoming
• Democrat Congress put moratorium on final regulations for development of this
resource
• Republican proposal would repeal the moratorium and allow exploration to move
forward

TITLE III: 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

TITLE IV: 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

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