Dole Cosponsors Bill to Increase Domestic Energy Supply, Lower Gas Prices

Press Release

DOLE COSPONSORS BILL TO INCREASE DOMESTIC ENERGY SUPPLY, LOWER GAS PRICES

U.S. Sen. Elizabeth Dole today helped introduce the Gas Price Reduction Act, which would increase domestic energy exploration and production, bolster conservation measures and strengthen the U.S. futures markets.

The legislation would open up Western oil shale resources, which are estimated to have more than three times the reserves of Saudi Arabia, and it would enable coastal states, including North Carolina, to decide whether or not to permit exploration at least 50 miles off their coastlines.

"I believe the state of North Carolina should have the option to open offshore areas to energy exploration as long as it is safe, clean and not visible from the land," said Dole. "The bill I am supporting would allow North Carolina and other coastal states to decide whether to open areas at least 50 miles off their shorelines to exploration and in turn receive a significant portion of the revenues. Now more than ever, responsible and practical steps are needed to increase our energy independence and strengthen economic and national security."

The Gas Price Reduction Act would:

· Increase supply by replacing the current Outer Continental Shelf moratorium with a statutory moratorium that enables coastal states to petition the Secretary of the Interior to make the area within their state boundaries available for oil and gas leasing.

· Increase supply by lifting the moratorium and allowing for the leasing of oil shale in the Rocky Mountain West.

· Decrease demand by establishing a program to accelerate the production of advanced batteries for plug-in hybrid vehicles.

· Make sure the commodity markets are working properly by addressing excessive oil speculation.

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