House Passes Legislation to Create Jobs and Combat High Fuel Prices
Jun 26, 2014 Issues: Energy
Washington, DC – The House of Representatives passed H.R. 4899, the Lowering Gasoline Prices to Fuel an America that Works Act, legislation to combat the high fuel prices under Obama by expanding domestic energy production and cutting red tape. The bill would unleash potential economic activity currently constrained by the Administration’s energy priorities by directing the Secretary of Interior to develop a new 5-year oil and gas leasing program with emphasis placed on areas with the greatest energy potential. The bill passed the House by a vote of 229 – 185.
Congressman Jeff Duncan (SC-03) was able to secure a vote on and passage of an amendment pertinent to South Carolina energy production, which directs the Bureau of Ocean Energy Management to include South Carolina, Georgia, North Carolina, and Virginia specifically in the administrative planning area for offshore leasing purposes. It is estimated that opening up these areas for energy production would create over 35,000 jobs, generate $2.7 billion in annual economic activity, and bring in $3.7 billion in cumulative state revenue by 2035 for South Carolina alone.
Congressman Duncan’s amendment was cosponsored by Members of each state affected. H.R. 4899 also creates a new revenue sharing formula that would direct 37.5% of revenues received from offshore lease sales to coastal states. A full overview of the bill can be found here.
“The Obama Administration has blocked this exploration and development at every step of the way, from tying up the seismic permitting process to bureaucratic delays to excluding several Atlantic states from the current 5 year plan,” Duncan said. “As we move forward to plan for a more secure energy future, opening access to new areas of our outer continental shelf is a no brainer.”
“If we could lower the price of fuel by one dollar, we would save every trucker about $300 per fill up. Think about how that trickles down to the price of commodities when you go shop all across America.”
“Moms and dads across this land know that the current energy policies aren’t working. Every time they fill up their car or truck, they lose more of their discretionary spending ability through higher fuel costs. This bill will help combat the high fuel prices we see across the nation while unleashing an economic boom in waiting in the southeastern coastal states. This bill is about creating jobs and securing America’s energy future by lessening our dependence on Middle Eastern sources of oil.”
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