Rockefeller Miffed at GOP Block of ‘Windfall’ Measure
By Mannix Porterfield, The Register-Herald, Beckley, W.Va.
Jun. 12–Republicans in the Senate obviously are more concerned about the massive profits rolled up by big oil companies than American motorists struggling to buy gasoline, Sen. Jay Rockefeller, D-W.Va., says.
His disgust came shortly after the GOP killed legislation aimed at taxing oil’s windfall profits, halting market manipulation and challenging OPEC nations accused of fixing prices.
“There’s absolutely no question that West Virginians are being crushed under the weight of rising gas prices,” Rockefeller said after Tuesday’s move by Republicans to force a 60-vote margin for passage of the Consumer-First Energy Act.
Its intent was to hand the president authority to declare an energy emergency, making price gouging for fuel products illegal and punishable with maximum $5 million fines.
Another element called for a permanent tax on windfall profits rolled up by major oil concerns. The measure would also have stopped U.S. crude oil producers from routing transactions through non-American markets to evade speculative limits and reporting requirements set by the Commodities Future Trading Commission.
Rockefeller pointed out West Virginians have been paying over $4 for some time now and need relief.
“That’s why I’m incredibly disappointed that Senate Republicans chose to put the interests of the oil companies ahead of the consumer,” he said.
“I can only hope that eventually those senators who chose to vote against this bill will have a change of heart when they hear from families and small businesses in their state, like I have, just how devastating the skyrocketing price of gas has become.”
Rockefeller vowed to continue fighting for price relief and said drilling in the Arctic National Wildlife Refuge is a feeble attempt to get more oil produced in this nation.
The senator cited data from the Energy Information Administration projects that opening up ANWR to drilling would cut the price of gasoline by a mere penny and that wouldn’t occur until 2018.
Statistics provided by EIA show that Alaskan drilling would generate from 510,000 barrels to 1.4 million barrels daily, raising domestic production from 9 to 25 percent. But that would lower the nation’s dependence on petroleum imports by only 2 to 6 percent, the figures show.
On the other hand, Rockefeller said he backs attempts to raise the domestic inventory through oil and gas exploration in the eastern Gulf of Mexico since it would add 1.26 billion new barrels of oil in the short term.
“I can assure every West Virginian that I will continue to fight for gas price relief,” the senator said.
“This bill is just one part of a larger solution. We also need to invest in long-term strategies that will keep gas prices down in the future through investments in alternative fuels and clean coal technologies and in the promotion of responsible and sensible energy conservation measures.”
— E-mail:
mannix@register-herald.com
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Copyright (c) 2008, The Register-Herald, Beckley, W.Va.
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