Wolf Cosponsors Bill to Encourage Domestic Energy Production

Press Release

WOLF COSPONSORS BILL TO ENCOURAGE DOMESTIC ENERGY PRODUCTION

Rep. Frank Wolf (R-10th) today announced that he is cosponsoring the "No More Excuses Energy Act" (H.R. 3089), which encourages domestic production of energy.

If approved, the measure would increase refinery capacity, allow for responsible drilling on the outer continental shelf and the Arctic National Wildlife Refuge, and boost alternative energy by extending the wind production tax credit.

"We need to consider all approaches and take action now to move toward addressing high energy costs over the long-term," Wolf said. "I have long supported initiatives such as developing alternative and renewable fuels, increasing refinery capacity, responsible exploration in the Arctic National Wildlife Refuge and on the outer continental shelf and also addressing unregulated over-the-counter oil futures trading. This type of comprehensive approach to energy policy is what is necessary to lower gas prices."

In addition to co-sponsoring H.R. 3089, Wolf recently wrote President Bush asking him to temporarily suspend filling the Strategic Petroleum Reserve (SPR) as a way to help provide short-term relief for high gas prices. This would help increase supply and lower gas prices to put more money back in the pockets of American consumers, Wolf said.

Wolf said he also is pleased to see that the Federal Trade Commission (FTC) has begun using powers granted to the agency in last December's energy bill to begin to probe the oil industry for possible price fixing. FTC officials are undertaking extensive research into the workings of the oil industry, including market mechanisms and competitive practices, in order to fully understand what would constitute a violation of the applicable laws set forth in the Securities Exchange Act of 1934

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