Senate Panel Clears Energy Bill in 15-8 Vote

wsj.com ^ | 6/17/2009 | SIOBHAN HUGHES

[shove_it]

WASHINGTON -- The energy package that cleared a Senate panel Wednesday reflects an energy agenda more generous to oil, gas and power companies than a similar package pushed by Democrats in the House.

The U.S. Senate Energy and Natural Resources Committee approved an energy bill by a 15-8 vote. Oil and gas companies would be able to drill in U.S. coastal waters that remain off-limits -- an issue the House did not address -- and utilities would have more flexibility to meet renewable-energy requirements than under a House bill.

Congress is acting as energy policy remains a big political issue, reflecting sometimes-conflicting concerns about topics from high gasoline prices to climate change, which is projected by scientists to lead to more extreme droughts, heavy rains and rising sea levels that swallow up coasts along the Atlantic and the Gulf of Mexico.

"None of us got everything that we wanted," said Sen. Jeff Bingaman (D., N.M.), the chairman of the panel. "The end product, I believe, is a solid piece of work." He said it would help "produce new sources of energy" and also use the nation's energy resources "more wisely and efficiently."

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[mulligan]

Have no idea what is in the package, but would bet it is not a program that will help us attain energy independence. In other words, the program stinks.

[onedoug]

0 must have control of the oil companies too.

[Ben Ficklin]

All the natural gas people are pleased because it has the extra money for the Alaska pipeline and it opens more of the eastern gulf to drilling, most notably the Destin Dome.

And, it has subsidies for NG fueled heavy trucks

[Alberta's Child]

The whole idea of “energy independence” is a complete myth in a global economy.

[gathersnomoss]

Um, do we not have the capability to drill for oil off of our shores. China sure as hell has discovered this off of the Florida coast. Also, do we not have the technology to build a nuke power plant?

The MSM and socialists here in the former USA have done an excellent job, haven't they! Time to strap a wind mill on the roof of my Taurus, maybe buy the solar option.

[Old Teufel Hunden]

"The whole idea of “energy independence” is a complete myth in a global economy."

I think it's code for getting oil from other sources besides tinpot dictators. For instance, no one would really be worried if we got most of our oil from U.S. Canada and Mexico. Right now, we get a lot of oil from Canada and Mexico. We need to cut out the Venezuela and Middle East pipelines.

[nascarnation]

the stampede to socialism continues

cap N tax is a politicians orgasm

plenty of new revenue - paid for by industry and utilities

no direct link to govt for blame

truly a brilliant scheme by the Baraqqis

[shove_it]

I've been searching for the markup language but cannot find it. Do have a link?

[Ben Ficklin]

"China sure as hell has discovered this off of the Florida coast.

In 2006 CUPET auctioned about half of the deep water blocks in the North Cuban Basin to oil companies from 7 different nations, to include, Venezuela, Brazil, Canada, Norway, Spain, Malaysia, and Viet Nam. No China.

[Alberta's Child]

Drilling here in the U.S. is typically more expensive than drilling elsewhere -- especially when you consider the differences in various grades of oil. Light sweet crude from Saudi Arabia, for example, is particularly cheap to extract.

You could open every square inch of the North American continental shelf to drilling tomorrow, and it would be decades -- if ever -- before it was cost-effective to drill in most places.

[Alberta's Child]

One of the dirty little secrets of the U.S. energy sector is that it's usually cheaper to buy oil from "tinpot dictators" than to get it right here in the U.S.

As far as the U.S. is concerned, oil from "tinpot dictators" is no different than cheap manufactured crap from China, bananas from South America, and landscapers from Mexico.

[Ben Ficklin]

S 774. National Energy Security Act of 2009.

The Destin Dome, natural gas deposit, was first auctioned off under GHW Bush in the 80s, and he attached a deferral to it. Clinton deferred it twice. In 2002, GW Bush deferred it until 2012. In 2006, the republican congress put a 2022 moratorium on it.

Now, FL Senator Nelson is having a hissy fit.

[Old Teufel Hunden]

"As far as the U.S. is concerned, oil from "tinpot dictators" is no different than cheap manufactured crap from China"

Except that when those same tinpot dictators in the middle east decide they all want to nuke each other and drives up the oil prices, we can be safer via NAFTA which currently includes Canada and Mexico's oil in the trade deal. We have prices somewhat locked in via NAFTA. If we can get oil just from Canada, Mexico and the U.S. we would insulate ourselves (not completely) from the goings on of the middle east.

For one thing, oil contracts in America can be structured in such a way that when world oil markets dry up, we keep pumping as much oil as possible. One last thing, much of this oil money that we send over to Saudi Arabia etc.. gets funnelled to terrorists bent on killing us. Perhaps these same rich Saudis would just get their money from other paying customers, I just think something's wrong with funding our own destruction.

[Old Teufel Hunden]

"You could open every square inch of the North American continental shelf to drilling tomorrow, and it would be decades -- if ever -- before it was cost-effective to drill in most places."

I remember in the 90's that this same argument was used for not drilling in ANWAR. They said it would take 10 years. Well, here we are 10+ years down the road. It'd be nice to have that on line now. What's that old Chinese proverb? Each journey begins with the first step.

[Robert A Cook PE]

So this Senate Energy bill is NOT the Senate version of the House Tax-and-Trade bill?

[shove_it]

Thanks for the info. The Florida House recently passed overwhelmingly HB1219 authorizing offshore drilling which will languish in the Senate until gas prices at the pump get back up there in $4+ range when citizens start screaming again.

Whenever Sen Nelson has a hissy fit, I'm happy unless it has to do with the Space Program.