Democrats to Include Offshore Drilling in New Energy Package

August 17, 2008 07:00 PM
 

via a special arrangement with Informa Economics, Inc.

But GOP leaders warn obstacles remain

NOTE: This column is copyrighted material, therefore reproduction or retransmission is prohibited under U.S. copyright laws.


House Speaker Nancy Pelosi (D-Calif.) on Saturday said expanded offshore drilling would be part of a new Democratic energy package when lawmakers return Sept. 8, but Republican leadership warned the plan would likely include other provisions unacceptable to the and President George Bush.

If so, efforts to clear another major energy bill this year will face high hurdles in the waning days of this Congress.

Some key offshore drilling exceptions. Reports note that Pelosi's coming proposal would allow several East Coast states to opt into drilling off their shores, but it does not allow drilling off California or the eastern coast of Florida.

Other likely controversial portions of the coming Democratic energy plan include releasing oil from the Strategic Petroleum Reserve (SPR), a renewable-electricity standard, a repeal of tax breaks to oil companies, and allowing the Commodity Futures Trading Commission (CFTC) to set trading limits for all agricultural and energy commodities.


Comments: Despite energy prices and supply being the number-one issue lawmakers are hearing about during their long summer recess, it again looks like politics will derail a final consensus on this matter this calendar year.


NOTE: This column is copyrighted material, therefore reproduction or retransmission is prohibited under U.S. copyright laws.


Back to news

Comments

 
Spell Check

No comments have been posted to this News Article

Corn College TV Education Series

2014_Team_Shot_with_Logo

Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!

Markets

Market Data provided by QTInfo.com
Brought to you by Beyer
Close