ARTICLE TOOLS

E-mail story

Comments

Printer friendly version

iPod friendly version

Share This

Text Size: A A A A

Tennessee: Gang of 10 bill gains cosponsors, but prospects for this year not bright

By: Herman Wang
(Contact)

Included in this article

WASHINGTON — Even though a bipartisan energy proposal by the “Gang of 10” senators appears to be gaining some traction, Sen. Bob Corker, R-Tenn., acknowledges that, just months before a presidential election, the package faces long odds of passing.

“I realize its chances are very remote, (but) even if we do not pass a bill, this lays the groundwork for us to pass major energy legislation after the first of the year,” said Sen. Corker, one of the Gang of 10.

The $84 billion proposal includes measures opposed by both the left and right, but the Gang of 10, which also includes Sens. Saxby Chambliss and Johnny Isakson, both R-Ga., says it offers a middle path sorely needed to break a stalemate in Congress.

The bill calls for some limited offshore drilling in the eastern Gulf of Mexico and off the Atlantic coasts of four states, including Georgia, a move opposed by many Democrats.

It also closes some tax loopholes enjoyed by oil companies and increases the royalties they would have to pay, using the revenue to pay for investments in alternative fuels and conservation measures, provisions opposed by many Republicans.

But the package has gained additional support, with six more senators — three Democrats and three Republicans — joining the Gang of 10 as co-sponsors this week.

On the House side, a similar bill has been offered by Reps. Neil Abercrombie, D-Hawaii, and John Peterson, R-Penn.

Both Reps. Zach Wamp, R-Tenn., and Lincoln Davis, D-Tenn., have signed on as co-sponsors, but Rep. Nathan Deal, R-Ga., is opposed, saying the bill doesn’t promote enough domestic oil production, including drilling in the Arctic National Wildlife Refuge in Alaska.

Rep. Wamp said he also supports opening ANWR to drilling but is backing this bill because “all of the above” solutions need to be adopted.

“These bills would be a step in the right direction,” Rep. Wamp said. “I don’t think they’re enough, (but) we need to look at everything.”

Rep. Davis said too much of the energy debate is focused on oil drilling.

“I think drilling should be a part of it, but not everything,” he said. “I’m not willing to let oil companies be the engine that drives our energy policy. We’ve got to start looking at all the alternatives, and I don’t think we ought to keep giving the oil companies tax breaks.”

Presumptive Democratic presidential nominee Barack Obama has not explicitly endorsed the bill but has said he is in favor of many of its provisions.

Presumptive Republican nominee John McCain, however, has said he opposes the bill, saying it amounts to a tax increase on oil companies, which would then lead to higher energy prices.

Comments