Remembering the Supply in Supply and Demand

By May 21, 2008Energy, Taxation

House Republicans today released their multipart plan to promote energy security and more affordable energy. Minority Leader Boehner:

Our plan is comprehensive, but our pledge is straightforward. We will increase the production of American-made energy in an environmentally-safe way. We will promote new, clean, and reliable sources of energy. We will cut red tape and increase the supply of American-made fuel and energy. And we will encourage greater energy efficiency by offering conservation tax incentives. By increasing energy supplies and encouraging more efficiency, House Republicans are prepared to deliver the change – and lower gas prices – America deserves.

The talking points are here.

Politico’s story is a good, quick take on the plan.

The GOP plan was particularly focused on increasing domestic production, an idea Democrats have been cool to due to environmental concerns and a desire to focus on alternative energy sources rather than domestic drilling.

The Republican agenda also called for conservation tax credits, the increased use of nuclear power, an emphasis on coal to liquid technologies and for construction of new oil refineries.

On the production issue, Republicans called for increased drilling in the outer continental shelf, tapping into domestic oil share reserves and once again calling for drilling in the Alaskan National Wildlife Refuge, which has been a flashpoint in the energy debate going back to the early 1990s.

“It defies reality that China is drilling for oil off the coast of Cuba, but we cannot drill off of our own shores,” said Rep. Fred Upton (R-Mich.).

UPDATE (4:50 p.m.) : House Democrats today released a page of talking points highlighting their record “to make Americ energy independent, lower gas prices.”

Cited as an accomplishment is the House passage today of H.R. 6049, the Renewable Energy and Jobs Creation Act. We think of it more as the “tax extenders” legislation, i.e., extending tax incentives, including many for renewable energy.

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