Reid: Democrats Set To Release Gas Price Plan Friday

Thu. May 1, 2008


Senate Majority Leader Reid said today Democrats will unveil a gas price plan Friday, but he declined to offer details. "I think you'll see some new stuff," Reid told reporters. Many still expect both Democrats and Republicans to offer familiar and previously unsuccessful solutions. Democrats have proposed making price gouging a federal crime; allowing the United States to sue OPEC for manipulating crude oil prices; and repealing billions in tax incentives for oil and gas companies. But President Bush has threatened to veto all three ideas. Republicans still want to push drilling in the Arctic National Wildlife Refuge and expanding drilling offshore, but Democrats have the votes to block those proposals. Reid also said there could be energy provisions included in the upcoming Iraq supplemental as well, but that they would be different from what will be in Friday's gas price package.

Meanwhile, Senate Republicans today are unveiling their own plan to address gas prices that offers past ideas to drill more off the Atlantic and Pacific coastlines and in ANWR. But it also goes against the Bush administration by calling for suspending the depositing of crude oil into the Strategic Petroleum Reserve for 180 days. The Energy Department is continuing its plan to double the reserve's capacity. Sen. Byron Dorgan, D-N.D., is shopping a plan backed by all 51 Senate Democrats that suspends the filling of the reserve if the price of crude oil remains above $75 a barrel. Crude oil is currently about $116 a barrel and is a predominant factor in setting gas prices.

by Darren Goode