Corker, Gang of 10 Unveil Plan to Reduce Energy Prices
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Watch Video Clip08.01.08 - At a press conference in Washington, D.C., Sen. Corker and a bipartisan group of 10 Senators, 5 Republicans and 5 Democrats, unveil a plan, the New Energy Act of 2008, to reduce energy prices.
WASHINGTON, D.C. – U.S. Senator Bob Corker (R-TN) and the other nine members of the bipartisan coalition of senators known informally as the "Gang of 10" today unveiled a sweeping energy proposal to reduce gas prices, lessen our nation’s dependence on foreign oil, and strengthen America’s economy.
"Working with this bipartisan group on a solution to America’s energy needs has been a labor of love; it’s exactly what I came to the Senate to do," Corker said. "We have put forth a bill today that focuses on supply, conservation, and alternatives, and I hope this becomes a centerpiece of discussion when we come back in September.
"By opening up additional areas in the Gulf of Mexico and parts of the Outer Continental Shelf for drilling, this bill provides additional access to oil and gas reserves and sends an important signal that will change market expectations and have an immediate impact on prices. Our proposal also contains incentives to spur the growth of nuclear power, a source of electricity that must be a vital component of this country's clean energy future. In addition, our proposal decreases demand for energy, particularly oil, by transitioning our cars and trucks to new technologies such as electric vehicles, hybrids, and alternative fuels," Corker said. "I hope the American people understand that securing our energy future will require a strong commitment and cannot occur overnight. I believe this bill starts us down the right path, and I sincerely hope it will receive serious attention and support.
"Compromise has been a big part of this, and that’s what it takes in this body to make something happen," Corker said. "This exercise has been a ‘pendulum of pain’ as five Democrats and five Republicans sat down to agree on something, and I want to thank Senator Chambliss and Senator Conrad for providing the leadership."
The bipartisan coalition is led by Senators Kent Conrad (D-ND) and Saxby Chambliss (R-Ga.) and, in addition to Corker, includes John Thune (R-S.D.), Lindsey Graham (R-S.C.), Blanche Lincoln (D-Ark.), Mary Landrieu (D-La.), Johnny Isakson (R-Ga), Mark Pryor (D-Ark.), and Ben Nelson (D-Neb.).
"Our country faces a critical challenge because of skyrocketing energy costs. This growing crisis undermines the budgets of families across the nation. Congress needs to take immediate action. This is not a Democratic issue, or a Republican issue, it is an issue that affects all of us. As a group, we are committed to working together in a bipartisan manner to develop comprehensive energy legislation. Americans are looking for solutions. We need to act now," the senators said in a joint statement.
The comprehensive New Energy Reform Act of 2008 calls for a focused effort to transition the nation’s motor vehicle fleets to fuels other than gasoline and diesel. To ease gas prices in the interim, the proposal includes significant conservation provisions, consumer tax credits, and responsible measures to increase domestic production.
The senators believe their compromise energy plan will generate a groundswell of support among the American people as well as their colleagues in Congress and lead to the development of comprehensive legislation to tackle the nation’s energy crisis.
The senators also welcomed the news that Senate Leadership would adopt the group’s proposal to convene a summit of energy experts in an effort to develop a plan for securing America’s energy independence. The 10 senators first proposed the idea of a bipartisan energy summit in a letter to Senate Leadership on June 26.
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