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DeMint Applauds Energy Freedom Day and Introduces Drill Now Act
New oil revenues could near $1.4 trillion; bill allows drilling to begin in 2009 |
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October 1, 2008 - Washington, D.C. - Today, U.S. Senator Jim DeMint (R-South Carolina) applauded October 1, 2008 as American Energy Freedom Day and announced the introduction of the Drill Now Act, S. 3646. The bans on oil shale and offshore drilling have now expired, opening access to offshore resources of over 20 billion barrels of oil and 97 trillion cubic feet of natural gas. And in the West, oil shale is estimated to be between 800 billion and 2 trillion barrels of oil -- that is more than three times the proven oil reserves in Saudi Arabia alone. Recently, 39 Senators signed a letter urging congressional leaders to allow the bans on offshore drilling and oil shale to expire.
“Energy Freedom Day is a victory for the American people that stood up and made their voices heard in Washington. Thanks to millions of Americans demanding action, the bans on American energy have expired and we can begin to produce our own oil and natural gas to lower gas prices and reduce our dependence on foreign oil,” said Senator DeMint. “Opening up American energy is an important step to get our economy moving again. The federal government and states could reap over a trillion dollars in revenues that will help reduce the tax burden on Americans.”
Senator DeMint has introduced the Drill Now Act to permanently open offshore drilling and oil shale, expedite the leasing process to allow drilling to begin as early as 2009, ensure state revenue sharing, and stop frivolous lawsuits that delay energy production. According to estimates by the Department of Interior on new resources made available by ending these bans, new oil and natural gas revenues from just offshore drilling could be near $1.4 trillion based on recent prices.
“The Drill Now Act will ensure that drilling begins as soon as possible to bring relief at the pump quickly and ensure we reduce our dependence on other countries. Democrats have talked about reinstating these bans after the elections have passed, and we can’t let that happen. Instead of taking our country backward, we need to move forward to expedite drilling, make sure states share in revenues, and stop frivolous lawsuits that threaten to endlessly delay energy production.”
DRILL NOW ACT, S. 3646, Summary
• Permanently Ends Bans on Offshore Drilling in Atlantic, Pacific, Eastern Gulf of Mexico and Oil Shale Areas
• Expedites Leasing Process: Allows the Mineral Management Service to being preleasing and leasing activities immediately, without the need to completely write a new 5-year leasing plan. The Drill Now Act would eliminate the need to write this 5-year plan, and allows the pre-leasing to begin immediately. Under current law, drilling may not begin until 2011, but under Drill Now Act, drilling could begin in late 2009.
• Ensures 50/50 State Royalty Sharing: Creates revenue sharing for all states that allow drilling off their coasts divided – 50% for states and 50% for the Federal Treasury.
• Expedites Judicial Review of Environmental Lawsuits: Allows only 90 days to submit a legal case to U.S. District Courts. Any appeal of a district court can only be made in the U.S. District Court of Appeals in D.C. Limits judicial review for how the Secretary enforces laws.
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