Senate Proponent of Oil Company Use-It-Or-Lose-It Legislation Reacts to House Vote on Drill Act
SENATE PROPONENT OF OIL COMPANY USE-IT-OR-LOSE-IT LEGISLATION REACTS TO HOUSE VOTE ON DRILL ACT
Sen. Menendez has joined Sens. Feingold and Dodd on legislation to push oil companies to use 68 million acres already leased to them
Today, the U.S. House of Representatives voted 244-173 in favor of use-it-or-lose-it legislation that would push oil companies to drill on 68 million unused acres they have already leased, however the legislation did not pass because it required a two-thirds majority to pass under the House rules.
U.S. Senator Robert Menendez (D-NJ) is a lead sponsor of Senate legislation, introduced by Senator Russ Feingold (D-WI), that would also require oil companies to use the 68 million acres or lose it. He is also the sponsor of the COAST Act to permanently ban coastline drilling. Today, he responded to the House vote:
"Those who are in a rush to open up our coastlines for drilling but won't push the oil companies to actually use the 68 million acres already at their disposal are showing their true colors. To them, this is not about standing up for American families hit hard by high gas prices, and it's not about securing our energy future. It's about using the pain at the pump to pull a fast one on the American people and give the oil companies another sweetheart deal. American families deserve a government that works for them, not oil companies making record profits."
Senator Menendez's plan for lowering gas prices, long-term transportation costs:
Lower gas prices now - Unchecked speculation on the oil trading markets has driven oil prices higher; Senate Democrats have strong proposals to clamp down on oil speculation: http://menendez.senate.gov/newsroom/record.cfm?id=299186&
Hold oil companies accountable -Senator Menendez is a lead sponsor of legislation that will spur domestic oil production by compelling big oil companies to begin utilizing the 68 million acres that they lease but thus far have not used to produce energy:
http://menendez.senate.gov/newsroom/record.cfm?id=300453
Break our dependence on oil - Sen. Menendez has been a strong advocate for renewable energy and advanced alternative fuels. Recently, he helped push an amendment through the Senate that would extend renewable energy tax credits to help fight global warming and wean us off of fossil fuel:
http://menendez.senate.gov/newsroom/record.cfm?id=295986
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