Stand up for nonprofit news & help us reach our $100,000 goal! GIVE NOW

Congress tries beefing up domestic oil

John Dimsdale Jun 23, 2008
HTML EMBED:
COPY

Congress tries beefing up domestic oil

John Dimsdale Jun 23, 2008
HTML EMBED:
COPY

TEXT OF STORY

Scott Jagow: So this week, Congress will try to show voters its doing something about the price of oil. The House has a bill designed to encourage more domestic oil, and to discourage speculation. John Dimsdale reports from Washington.


John Dimsdale: Republicans say voters now support letting oil companies drill in more places, especially offshore. But Democrats, like Massachusetts Representative Ed Markey, say companies should first explore their existing leases.

Ed Markey: Oil and gas companies could start producing right now on 68 million acres that they already own. But it seems that big oil is more interested in pumping up prices.

Markey’s bill would charge for unused leases. But Deutsche Bank energy economist Adam Sieminski says companies have decided those lands aren’t worth exploring.

Adam Sieminski: Telling the oil industry that they’ve already got acres just makes absolutely no sense when the acres that they have are not the ones that we need for the fuels that are gonna help us get outta the jam that we’re in.

Democrats will also try to beef up regulations on oil futures trading to discourage speculation and spend more money for public transportation.

In Washington, I’m John Dimsdale for Marketplace.

As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.

Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.

Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.