[Congressional Record (Bound Edition), Volume 154 (2008), Part 10]
[Senate]
[Pages 14620-14621]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        GAS PRICE REDUCTION ACT

  Mr. McCONNELL. Mr. President, the Senate came back into session 4 
days ago and we have yet to address the No. 1 issue in the country; 
that is, high gas prices. There were 44 Senate Republicans who 
introduced legislation over 2 weeks ago which would have an immediate 
impact on the price at the pump.
  The Gas Price Reduction Act can be summed up in four simple words: 
Find more, use less. The Gas Price Reduction Act focuses on simple 
solutions which already have support from many of our friends on the 
other side of the aisle.
  Many of our colleagues, Democratic colleagues, have now acknowledged 
the merits of allowing States to open the Outer Continental Shelf for 
deep sea oil and gas exploration. Our bill was limited to only those 
States that want to do that. It gives a State option for the 
opportunity to go onto the Outer Continental Shelf for deep sea oil and 
gas exploration. We all agree we can do more in encouraging the 
development of alternative energy sources, which is why the Gas Price 
Reduction Act contains incentives to develop plug-in electric cars and 
trucks and new battery technology.

[[Page 14621]]

  In addition, we included measures to strengthen the U.S. futures 
markets by increasing funding and staff for the Commodity Futures 
Trading Commission and examining foreign markets. These ideas also have 
support from many on the other side of the aisle.
  By focusing on the areas where we agree, instead of the ones where we 
differ, we can achieve results for the American people. I ask my good 
friends on the other side of the aisle to join us in finding energy 
policies we can agree on. Believe me, the American people are demanding 
it. We can pass meaningful legislation which would develop more 
American energy while encouraging conservation, and we need to do that 
very soon.

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