Updated: U.S. public’s thirst for oil prodding Congress to act

On the Senate side, another new bipartisan working group on energy – the Gang of 10 – aims to build on the success of an earlier group, the so-called Gang of 14, which broke a previous Senate gridlock over judicial nominations.

The group, organized by Sens. Kent Conrad (D) of North Dakota and Saxby Chambliss (R) of Georgia, is looking to forge a consensus about which restricted areas could win a majority of Senate votes for lifting a ban on exploration, focusing especially on easing restrictions in the Gulf of Mexico.

Senate Republicans, meanwhile, count 10 Democrats willing to consider opening restricted areas to more exploration.

“As of today, 10 Democrats have expressed some level of willingness to explore offshore. They’re acknowledging a groundswell of public opinion – even among self-described liberals – in favor of more domestic supply,” said Senate Republican leader Mitch McConnell in a statement on the Senate floor on Tuesday.

“We need to put partisanship aside and come up with an agenda that can get sufficient support to pass,” says Sen. Ben Nelson (D) of Nebraska, a member of both the energy working group and the Gang of 14. There’s bipartisan support to lift a drilling ban “under appropriate circumstances,” he says.

The Senate Energy Committee is inviting all 100 senators to a Thursday workshop on transportation and heating-fuel costs.

“I intend for the workshop to focus our attention not only on the challenges inherent in high oil prices, but also on developing a common path forward that we can come together to support,” said Sen. Jeff Bingaman (D) of New Mexico, who chairs the panel.

In a floor speech Wednesday, he set out priorities for moving toward a consensus: First, deal with speculation in the oil futures market. Second, encourage a reduction in US demand. “And then we should also look at supply,” he said.

“There are a lot of areas outside the moratoria that could be leased under current law…. If the administration knows a particular area that they believe has great promise and would like to ... open to leasing that currently are not covered, I would be anxious to have them present the evidence and tell us what those are,” he said.

Before taking up the issue of increased domestic production, Senate Democrats plan to move legislation to rein in speculation in oil markets, which they assert has added 30 percent to the price of a barrel of oil. Republicans hope to offer amendments to end the ban on offshore exploration and drilling to that bill.

“Let me suggest to you that a bill that simply ratifies the status quo is not going to fool the American people nor be adequate for the Republican conference,” said the GOP’s Senator McConnell. A minimum “threshold of credibility” must include “opening up the outer continental shelf where states want to have it open, getting rid of the oil shale moratorium, incentivizing battery-driven cars, and an adequate study of the futures market to make sure that it’s functioning properly,” he said.

Previous

1 | 2