New Mexico Republican Senator Pete Domenici said that the energy bill offered by his state’s junior senator is “not a very big solution to a big problem.” The reconfigured energy bill, written by Sen. Jeff Bingaman (D-N.M.) features a component that encouraged energy companies to “use it or lose it,” when it comes to lands that are already under lease. “Use it or lose it doesn’t mean anything,” said Domenici at a press conference with Senate Republican colleagues.

Majority leader Harry Reid (D-Nev.) has offered little debate on the bill and is not allowing much room for amendments, said Sen. John Thune (R-S.D). Domenici said that their amendments are a good way of “finding more and using less.” He cited the Repubicans’ strong support for electric cars. Bob Bennett (R-Utah) said that oil shale is not addressed and that other countries, like Brazil, are taking advantage of this technology while oil shale is off limits in Utah and Colorado. He called for “massive” investment to recover oil shale, which he said is equal to 800 billion barrels of recoverable petroleum.

Sen. John Cornyn (R-Texas) said that speculators represent about 20 percent of the problem when it comes to the current energy prices. He said that he spoke with billionaire Warren Buffet, a prominent U.S. businessman and investor, who told Cornyn that this problem will be solved with the simple law of supply and demand. Cornyn said that the Senate Republicans are dedicated to addressing the problem of supply and demand by drilling for more oil in the Arctic National Wildlife Refuge and the oil shale of the American West.

The Subcommittee on Energy and Water Development held a hearing to discuss the forecasts for oil and gasoline prices and examine the Energy Information Administration’s (EIA) budget request for Fiscal Year 2009. Chairman Byron Dorgan (D-N.D.) said that the EIA is a very important organization and that their work is very important to the United States. However, Dorgan could not understand why the EIA’s projections continued to be “way, way, way off” for the past six months. Dorgan also said that he was confused as to why the price of oil and gasoline skyrocketed when nothing fundamentally changed in order to cause this. (more…)

Sen. Pete Domenici (R-N.M.) talks about the Energy Technologies Perspective 2008 report published by the International Energy Agency, saying that the best quote published was said by him. Domenici says that he has never been more frightened for America’s future than he is right now, and urges Congress to remove the ban on off shore drilling. The editorial says that the energy problem is so enormous that it requires bipartisan partnership and that Chairman Jeff Bingaman (D-N.M.) should be Domenici’s bipartisan twin. (1:10)

 

 Standard Podcast [1:10m]: Play Now | Play in Popup | Download

The Senate Committee on Energy and Natural Resources held a hearing on the challenges to meeting future energy needs and to developing the technologies for meeting increased global energy demand. Chairman Jeff Bingaman (D-N.M.) said that the United States is at a crossroads and now has an opportunity to develop the technologies to break the world’s dependence on fossil fuels. He explained that the final message of the International Energy Agency’s (IEA) report, the goal of reaching a fifty percent reduction in greenhouse gas emissions, is attainable by 2050. (more…)

Sen. Pete Domenici (R-NM) says that the U.S. is going to have to use crude oil for as long as four decades as the transition in transportation occurs to accomodate new fuels. (0:40)

 

 Standard Podcast: Play Now | Play in Popup | Download

Senator Pete Domenici (R-NM) explains the Republican energy legislation, saying that the only way to drive gas prices down is to increase supply. (0:26)

 

 Standard Podcast: Play Now | Play in Popup | Download