GOP offers energy plan

Senate Republicans unveiled an ambitious energy bill Thursday expected to establish a unified message on soaring gas prices leading up to the November elections.

The bill, supported by nearly every member of the GOP Conference, essentially calls for more oil drilling while promoting less use and embracing some conservation measures.

{mosads}That strategy sharply contrasts with that of Democrats, who oppose expanded drilling and instead propose reining in oil companies and speculators, and are promoting conservation and renewable energy.

Neither approach would immediately reduce gas prices, nor is either likely to become law. But the political rhetoric is certain to make waves on the campaign trail where voters are frustrated with rising energy costs.

The contrast between "the ideas offered by our plan and the ones offered by the other side is very clear," said Sen. Pete Domenici (R-N.M.), ranking member on the Energy Committee.

At a news conference with 22 senators just outside the Capitol, Republicans shared details of the bill that would lift offshore drilling bans by promoting deep-sea exploration; approve oil shale exploration in Western states; increase investment in plug-in electric cars and trucks; and add more staff to the Commodity Futures Trading Commission's (CFTC) oversight of U.S. futures markets.

Absent from the measure was drilling in the Alaskan wilderness, a bedrock GOP issue that presidential candidate Sen. John McCain (R-Ariz.) opposes.

McCain reversed his long-standing opposition to drilling on the coastal United States this month, putting him in line with President Bush and most Republicans. That opened the door for a unified GOP response to high gasoline prices, which Republicans plan to aggressively push when Congress returns after the Independence Day recess.

Democrats have repeatedly pushed for legislation that would tax the windfall profits of oil companies, force oil and gas companies to drill on the millions of acres they already lease, curtail speculation on the U.S. futures markets, investigate price-gouging claims and promote renewable energy tax incentives. Legislation they have pushed in the Senate has been blocked by the GOP.

Senate Majority Whip Dick Durbin (D-Ill.) said Thursday that Democrats were still developing new plans to float in July, focusing on ways to curtail speculation on oil futures.

The Republican plan came under immediate attack by Democrats, who also said the GOP took their idea to strengthen CFTC.

“The most important step that Bush-Republicans could take to help solve our nation’s energy crisis is to stop standing in the way, and join Democrats in investing in energy efficiency and clean alternatives to help consumers get some relief,” according to a press release issued by Senate Majority Leader Harry Reid’s (D-Nev.) office.