EXCESSIVE PROFITS PROBLEM?

Sam Nettles - mailto:samnett@msn.com
Real Texas Freedom - http://www.realtexasfreedom.net
RTF Blog - http://realtexasfreedom.blogspot.com/
Subject: Constituent Response From Senator Kay Bailey HutchisonFrom: senator@hutchison.senate.govTo: samnett@msn.comDate: Tue, 29 Jul 2008 18:28:06 -0400
Dear Mr. Nettles:Thank you for contacting me regarding our nation's energy policy. I welcome your thoughts and comments on this issue. I support a comprehensive energy strategy that combines conservation, the development of alternative sources of energy, and an increase in domestic oil and gas production. We are increasingly dependent on foreign sources of energy - importing over sixty percent of the oil we use today. Preliminary research data suggests there may be as much as 125 billion barrels of oil and over 565 trillion cubic feet of natural gas located in designated production areas of the Arctic National Wildlife Refuge (ANWR) and the U.S. Outer Continental Shelf (OCS) combined. The domestic oil reserves in both the OCS and ANWR, when coupled with existing U.S. reserves of 21 billion barrels, are more than Iran’s total oil reserve of 136 billion barrels. However, Congress has enacted a moratorium on production in these areas. In order to bolster domestic production and reduce our reliance on foreign sources, I cosponsored the American Energy Production Act of 2008, which repeals current misguided policy and provides access to America's domestic energy supplies in ANWR and the OCS. The bill also allows access to alternative sources, such as one trillion barrels of shale oil in Colorado, Wyoming, and Utah. These sources, which presently sit unused, are equal to three times the reserves of Saudi Arabia. I have also supported numerous initiatives to encourage alternative energy use through market- and incentive-based approaches. On March 28, 2007, I introduced the Creating Renewable Energy through Science and Technology (CREST) Act. It promotes the research and development of renewable energy sources, including wave, solar, wind, geothermal, and biofuels. I am very proud to say that Texas is the nation’s leading producer of wind energy, illustrating our state’s commitment to alternative energy production.Our nation’s energy policy must be proactive instead of reactive. Some of my colleagues in the Senate believe that imposing a windfall profits tax on oil producers or suing the Organization of Petroleum Exporting Countries (OPEC) is the solution to our country’s energy crisis, when, in fact, neither of these proposed plans produces one more ounce of energy. The burden of this tax would be passed down to the consumer, causing record-high fuel prices to rise even higher. Additionally, a windfall profits tax would discourage oil companies from increasing refinery capacity and furthering exploration and production of our own domestic resources. These are not solutions. Instead, a comprehensive energy policy that combines conservation, the development of alternative sources of energy, an increase in domestic oil and gas production, and a safe nuclear energy program will lower energy costs and help our nation become energy independent.You may be certain I will keep your views in mind regarding any energy legislation offered in the 110th Congress. I appreciate hearing from you, and I hope that you will continue to keep in touch on any issue of concern to you.Sincerely,Kay Bailey HutchisonUnited States Senator284 Russell Senate Office BuildingWashington, DC 20510202-224-5922 (tel)202-224-0776 (fax)http://hutchison.senate.govPLEASE DO NOT REPLY to this message as it is not a valid e-mail address. Due to the tremendous volume of mail Senator Hutchison receives, she requests that all email messages be sent through the contact form found on her website at http://hutchison.senate.gov/contact.cfm .If you would like more information about issues pending before the Senate, please visit the Senator's website at http://hutchison.senate.gov . You will find articles, floor statements, and press releases, along with her weekly column and monthly television show on current events. You may also sign up to receive Senator Hutchison's weekly e-newsletter by emailing her office at newsletter@hutchison.senate.gov .Thank you.