Hill Heat: National Conservation, Environment and Energy Independence Act introduced in US House: oil drilling, coal-to-liquid, Renewable Energy Reserve Fund planned

National Conservation, Environment and Energy Independence Act introduced in US House: oil drilling, coal-to-liquid, Renewable Energy Reserve Fund planned

The Cunctator — Fri, 01 Aug 2008 05:58:00 -0500

22 members of the US House of Representatives have introduced the National Conservation, Environment and Energy Independence Act that would lift many restrictions on offshore oil drilling, while providing a projected $2.6 trillion in lease and royalty payments that would generate $390 million for a Renewable Energy Reserve Act. The bill introduced by 11 Democrats and 11 Republicans would open up all protected Outer Continental Shelf lands and end the oil shale leasing moratorium. The bill is in sharp contravention of Democratic leadership but in line with Republican demands.

The leaders of the effort were John Peterson, R-Pa.; Neil Abercrombie, D-Hawaii; Thelma Drake, R-Va.; Tim Walz, D-Minn.; Jim Costa, D-Calif.; and Dan Burton, R-Ind.

A group of ten senators is working on a similar plan. “There’s going to be substantially more drilling and substantially more conservation,” Sen. Mary L. Landrieu (D-La.) said of the Senate plan.

The House bill includes:

Ending moratorium on Outer Continental Shelf, Gulf of Mexico, and oil shale lease sales: funds apportioned 30% to general treasury, 30% to states, 8% to conservation, 10% to environmental restoration, 15% to renewable energy, 5% to CCS/nuclear waste, 2% to LIHEAP
Repealing the Waxman provision (Section 526)
6-year extension of renewable energy/energy efficiency tax credits
Drawdown of light grade petroleum from the Strategic Petroleum Reserve, with $100 million going into LIHEAP, $60 million for university research, $15 million for wind research, $30 million for solar research, $30 million for hydro research, $40 million for automotive research, $110 million for industrial emissions research, $70 million for building efficiency R&D, $30 million for geothermal R&D, $30 million for smart grid R&D, $385 million for CCS R&D, $65 million for natural gas extraction research, $5 million for a hydrogen prize, $100 million for battery research

"National Conservation, Environment and Energy Independence Act introduced in US House: oil drilling, coal-to-liquid, Renewable Energy Reserve Fund planned" by One Citizen

Sat, 23 Aug 2008 17:36:10 -0500

Let’s cut through the crap. There’s no “oil shortage”. As a matter of FACT, our U.S. Department of Energy reports that the U.S. is presently exporting oil at a record pace, and has been for the last two quarters. Have you seen any long gas lines? Federally mandated reduced speed limits? Rationing?

Anyone implying that there’s a shortage of gasoline in the U.S. is either lying or a fool.

The reason gas is so expensive is because commodities market speculators are making a killing. On July 31, US NEWS & WORLD REPORT revealed, “Exxon accelerated its already aggressive share buy-back program, plowing $8 billion—or 73 percent of the quarter’s profits—into the company’s own stock.”

CNNMONEY.com reported on July 24 that top hedge fund managers and investments advisers testified before Congress that “crude could drop by half in 30 days if new regulations were implemented”. But Republicans in both Houses blocked Dems bills to stop excessive trading on oil commodities.

Yet I haven’t seen a thing about excessive speculation in National Conservation, Environment and Energy Independence Act. I suspect that the only real word out of that fancy title to House Republicans is the word “ACT”, because they’ve been blocking and stalling for years, and now that the cost has gone so high, they’re going to finally “act” like they’re doing something.

It’s just too bad that insider trading is legal for congresscritters, otherwise I suspect there’d be a bunch of them headed for jail over their “Drill HERE Drill NOW pay LESS” stunt which would basically gives Big Oil an even stronger monopoly over our natural resources.

Why should Big Oil drill when all they have to do is pump up the market price with their record-breaking profits?

The U.S. Energy Information Agency reports that even IF the outer continental shelf were opened up to more drilling, and ASSUMING that Big Oil actually starts drilling right away, peak production would not be reached until 2030 and even then production would not have a significant impact on world oil prices.

They’ve been sitting on 66,000 acres of permits and leases for years now, but Republicans recently blocked legislation requiring them to either use them or “lose” them, so that perhaps smaller companies might jump in and start producing.

Why do you think Republicans )and some Dems) did THAT?

For a clue on why, let’s consider how much Shelley Capito (R-WV) earned while she’s been in Congress, and compare it to what she’s been paid. According to OpenSecrets.org, she’s become a multimillionaire through her low-taxed “unearned assets” – simply through her stock and commodities portfolio investments.

Most folks don’t go from just-under a million bucks to multimillionaire by earning $150,000 per year, but then again her husband is a very successful “Personal Investments Manager” at CitiCorps’ Washington, DC branch. Oh and did I mention that CitiCorp just happens to be the largest funder-of-hedge-funds in the world?

Anyway, Rep Capito (who sits on the House’s powerful Banking and Securities oversight committee) voted against the Dem’s “Use It or Lose It” Bill even though it was fashioned to go a long way to break up Big Oil’s monopoly. Meanwhile she’s pushing granting them the option to drill in unopen areas of the Outer Continental Shelf, despite the fact that The U.S. Department of Energy reports that the vast majority of federal oil and gas resources offshore are already available for development.

According to the Minerals Management Service, of all the oil (85.9 billion barrels) and gas (419.9 trillion cubic feet) believed to exist on the Outer Continental Shelf, 82% of the natural gas and 79% of the oil is located in areas that are currently open for leasing (such as areas in the Gulf of Mexico and off the Alaska coast).

So like all the other Republicans that blocked the Dem’s “Use It Or Lose It Bill”, Shelley Capito (R-WV 2nd) is essentially for granting Big Oil the ability to sit on every drop until they can squeeze even more profit out of us.

Is anyone else wondering why she might be doing that?

"National Conservation, Environment and Energy Independence Act introduced in US House: oil drilling, coal-to-liquid, Renewable Energy Reserve Fund planned" by pgheim82@hotmail.com

Sat, 09 Aug 2008 09:39:02 -0500

As a tax paying citizen I want to thank all of you Representatives and Senators of both parties that have joined together to come up with a pratical solution to this countries’ need for energy independence while maintaining and improving our environment and promoting alternative energy reseach. Action like yours restores my faith in our system of government. Please continue to work together for the benefit of all citizens of these United States. Again THANK YOU, Phil&Gail Heim