Isakson & Chambliss co-sponsor Gas Price Reduction Act of 2008

Here’s a bit of a press release from Sen. Isakson:

“There are no quick fixes in dealing with this issue, but there are things we can and must do,” Isakson said. “With skyrocketing gas prices, it is absolutely critical for members of Congress to act now and act boldly to expand and encourage the development of all our resources.”

“The rising cost of energy is the number one issue I am hearing about from Georgians, and the effect these costs are having on family budgets is very real and very urgent. This is a complex issue, but we cannot shy away from action,” said Chambliss, who also during the news conference addressed the issue of oil speculation, since he helped craft that title of the bill. “This legislation will strengthen our energy futures markets by ensuring integrity. There are a wide degree of opinions on whether or not and how much speculation in the energy market is influencing the price of oil. This legislation will help us get the data we need to make informed, rationale decisions in this area. It also puts more cops on the beat policing these markets by providing the Commodity Futures Trading Commission with the resources it needs to hire more employees.”

Specifically, the legislation would allow states the option to explore oil and gas resources in the Atlantic and Pacific Outer Continental Shelf at least 50 miles from the coast. It also would repeal the moratorium on Western state oil shale exploration to allow exploration to move forward. The bill would address plug-in electric cars and trucks by increasing research and development for advanced batteries and offer a Sense of Senate that the federal government should increase its purchases of these vehicles. Finally, the legislation would strengthen U.S. futures markets through increased transparency.

25 comments

  1. midtown_maven says:

    Interesting they are willing to bite the ICE – Intercontinental Exchange, located here in Atlanta.
    Hopefully it will not drive business to other exchanges. Atlanta should embrace the ICE not drive it offshore.

  2. Bill Simon says:

    Perhaps Senator Isakson should act even MORE boldly by stopping the insane practice of diverting a significant chunk of the food supply (i.e., corn used for poultry and livestock feed, as well as many other products humans consume) to the production of ethanol, and looking at using a more readily available source to produce ethanol that is NOT so tightly tied to the food chain.

  3. Doug Deal says:

    Perhaps even wrangling in the insane regulations regarding gasoline formulation would help. One product is a lot easier to deliver at an economy of scare than several dozen.

  4. J Konop says:

    The biggest increase in gas prices is the out of control national debt. The dollar is in the toilet. If you want to bring down inflation we must reinstate PAY AS YOU GO.

    The Farm Bill, Energy Bill, Iraq Funding Bill, Vet Bill… are making the problem worse not better. A strong dollar will do more than anything to bring food and gas prices down.

  5. IndyInjun says:

    You did, but the location of the dilithium crystal supply was known only to Saddam, he is dead, and the entire world supply was secreted into Syria.

  6. Bill Simon says:

    Konop, quit associating ME with all the problems of this economy. My name “Bill” is repeated too much in every single one of your posts these days!

  7. I Am Jacks Post says:

    Where’s the Bio Fuels money shot?? You know that’s in there. Saxby IS a cosponsor.

  8. Game Fan says:

    Please Keep the taxpayers out of the oil shale business. Maybe just maybe we have enough conservatives left in the world to at least research the problems with oil shale. Why don’t we just let the gubment stick to the basics, like Building museums for snail darters and studying the mating habits of the pine weasel.

  9. Bill Simon says:

    Game, I am appointing you to that task fo finding out. Report back here in a week to tell us just how difficult it was (or, easy) for you.

  10. Bill Simon says:

    OOPS! I now realize that comment could be offensive to some females and/or bug enthusiasts and I may have just exposed PeachPundit.com to the possibility of a lawsuit.

    Surely they will be willing to settle for $100,000, right?

  11. Left of Center says:

    Fossil Fuel – DEAD.
    Ethanol – More of the Same.
    There’s a tiny village in southern Austria that used to be the poorest in the country, but they’ve turned that around and increased their tax base by 300% by introducing biofuels, solar, and photovoltaics into the grid. Now, a population of over 72,000 is completely and utterly OFF THE GRID of the fossil fuel ecnomony, and they did it within 14 yrs. This year, they have so much excess energy, they’re tearing up the streets and installing waterlines that will HEAT THE STREETS during winter! More than 60 companies have relocated to this region. Why? Because the city is able to guarantee them that their energy costs will remain at the same level for the next 25 years! So, don’t tell me we have to continue to buy the party line that we must depend on foreign oil for our energy. We have all the energy resources we need: Grass, corn, wood chips, wind, solar…on and on. We need to divorce ourselves from the oil industry and quit letting Opec, China, Russia, & Oil Lobby rule our world and wreck our economy. We need to divert the billions that are going to prop up a clearly unstable Iraq (oil market) and put it back into OUR country, and allow our farmers to provide the energy resources we need.

  12. Taft Republican says:

    We do, indeed, have all the energy resources we need:

    http://video.google.com/videoplay?docid=3340274697167011147

    Lindsey Williams gives a talk based on his book, The Energy Non Crisis. This book exposes the fact that there is more than ample oil underneath U.S. soil to meet our energy demands for hundreds of years, and how the powers that be are withholding this information (not to mention the oil) from the American people.

    Or we can move to southern Austria, where the streets are heated by biovoltaics and other types of androids.

  13. griftdrift says:

    I love how the first video simultaneously brings the Baldwin and posits silver (it never loses value!) is somehow immune to supply and demand.

    Wacky fun!

  14. Left of Center says:

    Ya know, a lot of innovative things have occurred since the Taft presidency.

    Biovoltaics, for instance, the use of biological substances to produce energy or fuels. Grass, corn, soybeans, and trees don’t just grow (and renew) in Austria.

    I wonder why TR’s only interest is in drilling for crude…? It’s not an either-or situation where we must a) EITHER drill for oil OR b) move to Austria. Our choices and options have improved a bunch since Taft as well. We can do all those things, and more, and become self-sustaining in our energy needs.

    Wouldn’t you rather increase the tax base WHERE YOU LIVE? Wouldn’t you rather become energy independent WHERE YOU LIVE? Do you have some psychological need to stay dependent upon fundamentalist authoratarians who hate us? (And, here, I’m speaking about our home-grown energy industrialists.)

  15. Taft Republican says:

    LoC, I’m all for it. As long as the government doesn’t use my tax dollars to pay for it (or, more realistically, borrow more money from the Chinese to pay for it).

    Stop the welfare to anyone, individual or corporate.

  16. Game Fan says:

    Amen to that. I’m all for SEPARATION including separation of government from big oil. Another case of corporate fascism. Until then we won’t have real free markets or competition in energy.

Comments are closed.