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Andrew G. Wallace Legislative Director U.S. Rep. Gene Green (D-Houston) Member, Committee on Energy and Commerce Subcommittee on Energy and Air Quality
1992 Energy Policy Act approved 363 60 1990 Clear Air Act Amendments approved 401 21
The rise of terrorism by militant Islam against the United States and the West coincided with the rise in oil prices of 1979-80 and the subsequent transfer of hundreds of billions of dollars from the West to Muslim countries. The Hudson Institute
America is addicted to oil. Pres. George W. Bush 2006 Result: More Ethanol!
24 Lexis hits for articles in U.S. Newspapers and Wires mentioning refiner/refining capacity in 2003, 56 in 2004, 159 in 2005, and 61 so far in 2006. Several Congressional hearings in 2005/2006
House Energy and Commerce & Government Reform Committees
o CBS NEWS/NEW YORK TIMES: 85% of Americans oppose increasing the gas tax, but 55% support if it will reduce American dependence on foreign oil.
CNN: 70% of Americans think that the President can take steps now to reduce gas prices. 61% of Americans think unethical behavior by gasoline companies is behind the increase in price, and 26% think it is supply and demand. CNN/GALLUP/USA TODAY: 49% of Americans think oil companies deserve a great deal of blame for recent high prices, 38% think the President does, 31% foreign countries, 25% American consumers, and 19% environmental regulations.
Industry Message
The market has responded to the high prices we witnessed earlier this year with increased supply and reduced demand, proving yet again that markets do work. [T]he global oil market is one of volatility. API 10/06 Alternative energies also offer many countries a means of gaining greater security of energy supplies. . . . Over the next three years, [we plan] to increase the sales of solar products threefold, start construction of two of the worlds first industrial-scale hydrogen power plants, . . . and develop a significant wind power business. Integrated Oil Co. A Other technologies, such as hydrogen, are considered to hold promise, but face substantial challenges in terms of cost and largescale implementation. [W]idespread global deployment of new technologies, however promising, will take decades before the cumulative effect of investments makes a substantive contribution to overall supply. Integrated Oil Company B
Yuma, AZ refinery case studydiffering perspectives of Republicans (permits delayed refinery) versus Democrats (permits granted to refinery twice, not built for other economic and/or local opposition reasons). Do these bills and the Energy Policy Act significantly benefit the refining industry? Compared to the political and publicity costs?
Recurring attention to gasoline prices in the Summer/Fall especially with Gulf hurricanes Continued attention/investigation on refining capacity and industry investment of profits
Presidential politics in the Senate
National security-themed alternative energy proposals Building pressure on climate legislation
Re-runs of scaled back refinery revitalization and boutique fuels legislation possible
Budget and oversight power regulatory leverage over EPA, DHS, etc. a mix of rule tightening & enforcement and controversy & conflict Risk of repeal of targeted portions of the 2005 Energy Policy Act such as Offshore Research Consortium Superfund oversight including legal developments and potential legislation restarting the funding stream for cleanup