Markey On Bristol Decision & Royalties Announcement

MARKEY ON BRISTOL BAY DECISION & ROYALTIES ANNOUNCEMENT

Today, Rep. Edward J. Markey (D-MA), a senior member of the House Resources and Energy and Commerce Committees, released the following statement on the Interior Department decision to open Bristol Bay, Alaska to drilling and collect royalties for companies bidding to drill in new deep-water areas of the Gulf of Mexico.

"In November, the American people went to the polls and emphatically said that they are tired of being tipped upside down by high energy prices while big oil companies post record profits. MMS' announcement today that companies bidding on new deep-water tracts in the Gulf of Mexico will pay a royalty rate of 16.67% rather than 12.5% shows that the Administration is finally beginning to awaken from its deep slumber on deepwater drilling. It is now conceding what the Democrats have been saying all along -- that at such high oil and gas prices, oil companies don't need these extra incentives to drill. Next week, House Democrats will take up legislation to further rollback unnecessary tax breaks to big oil and ensure that these companies pay their fair share to drill on public land."

"The Bush Administration's decision to open up oil and gas drilling in Alaska's Bristol Bay, one of our nation's most sensitive fisheries, underscores the Administration's ongoing commitment to extending our addiction to oil even at the expense of spoiling environmentally-sensitive areas. The Administration should be leading efforts to increase fuel economy standards which would dramatically reduce our dependence on foreign oil. Instead they're using their final two years in power to help their oil pals plunder more wildlife areas."

http://markey.house.gov/index.php?option=com_content&task=view&id=2509&Itemid=141