Domestic production of oil and oil subsidies are getting a lot of attention this week on Capitol Hill. This morning the Senate Committee on Energy and Natural Resources holds a hearing on several bills which would loosen up certain regulations to encourage more domestic oil and gas production. Increasing domestic production is important to the President. Obama says it is time to increase safe and responsible oil production here at home.
The President wants the Department of the Interior to conduct annual lease sales in Alaska’s National Petroleum Reserve, to speed up the evaluation of oil and gas resources in the mid and south Atlantic and to create new incentives for industry to develop their unused leases. At the same time – the administration is extending drilling leases in areas of the Gulf of Mexico that were impacted by a temporary moratorium.
This week a vote is expected in Congress on the issue of the elimination of taxpayer subsidies going to oil and gas companies. President Obama hopes Democrats and Republicans come together and get this done. He says the U.S. should be investing in the clean, renewable sources of energy that are the ultimate solution to high gas prices.