GOP: Time To Get Serious About Oil
It didn’t get much notice in the press, but last week Senator Pete Domenici and 19 cosponsors (all Republicans!) introduced the American Energy Production Act of 2008 (SB2958), which is intended to help lower energy prices in the US and lessen this country’s dependence on foreign sources of oil.
The legislation would help accomplish these goals by increasing our domestic production, expanding production offshore on the Atlantic and Pacific continental shelf, and in Alaska, and allow for the full development of billions of barrels of oil from shale.
As any first year economics student knows… or should… without an increase in supply, the price of oil will continue to increase with the ever-increasing demand for energy, both here at home and internationally. Even the complete elimination of federal gas taxes will do nothing to diminish the retail price of gas, without a corresponding increase in the available supply. That Democrats do not understand this most fundamental fact of economic life, including both Democrat candidates for president, is an appalling indictment of Democrats’ ignorance, and a compelling reason not to put a Democrat in charge.
The press release from Senator Domenici’s office is here. The bill itself is not yet back from GPO and should be posted later this week..












