When the U.S. Congress returns from summer break next week, legislators are expected to begin working towards a compromise energy bill that would allow some offshore drilling for oil and gas, according to reports.
Public opinion has swayed in recent months in favor of expanding offsore drilling, as gasoline prices climbed to new heights, and presdential candidates from both the Democratic and Republican parties have changed their positions to support limited offshore drilling.
Congressional Democrats, likewise have softened their opposition to expanded drilling, and are reported to be considering compromises that would allow drilling off the coast of southern atlantic states in exchange for extensions of tax credits for renewable energy industries and perhaps decreased tax credits for oil and gas companies.
Support has grown for a bipartison compromise on these issues presented by a group of 10 Senators, calling themselves the "Gang of 10." Now they are 16.
It is also expected that proposed legislation will attempt to rein in speculation in the oil market, which many believe has had a hand in driving up prices.
TheHill.com reported that Democrats will also push to have a use-it-or-loose-it provision enacted that would force oil companies to make use of drilling rights, or return them to the public.
President Bush reportedly wants Congress to open up develpment of shale oil fields in Western states, an extreme request in the eyes of Democrats and environmentalists who recognize the excessive cost, both financially and environmentally, in developing that energy resource.
With so many conflicting agendas and deep rifts between political positions, it would be surprising if the two parties reach agreement on energy issues before breaking at the end of September to begin campaigning for November elections.
Red Cavaney, president of the American Petroleum Institute, told Reuters he did not think lawmakers would break their deadlock and pass an energy bill. "I don’t think it’s realistic," he said.
Loading...