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Drilling Natural Gas Will Save Money Says Congressman Gene Green

Location: Washington, DC

Drilling Natural Gas Will Save Money Says Congressman Gene Green
September 28, 2005

Washington, DC - Congressman Gene Green (D-Houston) today issued the following statement following the passage of the Peterson/Abercrombie amendment to the House Resources Committee's energy bill, lifting the generation-old presidential and congressional moratoria on natural gas production along the country's Outer Continental Shelf (OCS).

"We are asking to repeal the Congressional Moratoria on all Natural Gas leasing and drilling in the Outer Continental Shelf (OCS), because we are losing jobs and our utility bills are increasing," said Congressman Gene Green.

The Peterson/Abercrombie amendment represents the most expeditious way to increase short-term supply and allow states to claim up to 50 percent of the royalties created by offshore production, potentially bringing in billions of dollars to state coffers each year. It would also represent an important step in bringing spiraling natural gas prices - already at an all time high of $14.50/trillion cubic feet - under control.

"Natural gas prices have sky rocketed in recent years and could come close to doubling in the next six months," Continued Congressman Green. "Our district in Texas has some of the largest chemical companies in the world. The US chemical industry alone employs 900,000 Americans directly and four million indirectly in high-tech, high wage jobs. Jobs are at a huge risk as we see more and more business going over seas."

"Hurricane Katrina and Rita alone had catastrophic impacts on the natural gas refining business," said Congressman Gene Green. "Katrina removed over 120 Billion Cubic Feet from the market and Hurricane Rita has shut in 66 percent of Gulf Gas production. Something must be done."

"We need to eliminate the barriers to energy production in OCS and share revenues with states," concluded Congressman Gene Green. "We need to tap these wells or we are not only going to feel the impact on the economy, but we are going to feel the impact on our wallets."

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