Increase Supply to Lower Gas Prices
This week, I voted to end the de facto moratorium on offshore oil and gas exploration in the United States and against higher taxes on U.S. production that would result in even higher gas prices at the pump. America needs a plan to expand domestic energy production of oil and gas, along with renewable energy sources and incentives for conservation.
I also urged the Secretary of State, Hillary Clinton, to give final sign-off on the international Keystone XL pipeline, which would go from Alberta, in Western Canada, to Texas. The Keystone XL pipeline was approved more than a year ago by the Canadian National Energy Board. The pipeline has received significant environmental review by both the U.S. Department of State and the U.S. Department of Energy. Still, there’s pressure from special interests for another review in order to stall the project.
That strategy doesn’t do consumers in the United States any good. In fact, whether or not the United States approves the project, the oil will be produced in Canada, and if it doesn’t come to the United States, it’s likely to go to China, according to energy experts.
The Keystone XL pipeline project is something the administration can and should be doing immediately to increase the supply of energy and thereby reduce prices at the pump for consumers. This pipeline would provide 830,000 barrels of crude oil a day and help to beef up domestic oil supplies in the United States and reduce dependence on less reliable foreign sources, including Venezuela, Libya or members of the Organization of the Petroleum Exporting Countries (OPEC).