Gas Prices
The steep rise in gasoline prices is hurting Utah families. Beyond the pain to our pocketbooks, the national addiction to foreign oil is dangerous to both our economy and our national security. Becoming energy independent is a priority but since the U.S. has an estimated 3% of global petroleum reserves, yet consumers 24% of the world’s oil, it requires a comprehensive effort to achieve short-term, mid-term and long-term goals.
Matheson has introduced the Fulfilling U.S. Energy Leadership Act (FUEL Act) to address the current energy crisis by promoting domestic drilling, encouraging the development of alternative fuels and advancing nuclear power. Its provisions include lifting the ban on exploration and drilling in the Outer Continental Shelf (CS) with states given the option to authorize drilling between 50 and 100 miles off their shores and dropping the hold on oil shale and tar sands leasing in the West. It establishes the Next Generation Energy and Efficiency Fund, dedicating up to $40 billion generated by OCS drilling for accelerating alternative energy technologies and it authorizes the Energy Secretary to invest that money in the research and development of alternatives such as electric vehicles, plug-in hybrids, smart grid technology, wind, solar, geothermal and hydrogen energy. The FUEL Act also provides the Commodities Futures Trading Commission (CFTC) with additional resources to address price manipulation and to monitor speculative limits on oil trading. It directs the Energy Secretary to study the impact of expanded nuclear production on energy costs and climate change and it extends the renewable energy production tax credit for wind, closed and open loop biomass, small irrigation, geothermal, landfill gas, hydropower and trash combustion facilities. It also provides $1.5 billion for carbon capture and sequestration demonstration projects.