Economy minister discusses economic cooperation with German minister    Saudi Crown Prince congratulates new Japanese PM Sanae Takaichi    At UNCTAD, Saudi Arabia affirms commitment to sustainable economic transformation    Saudi justice minister, Italian counterpart agree to enhance judicial cooperation    TGA: Autonomous vehicle service beneficiaries surpass 950 in Riyadh    103 million orders delivered in Saudi Arabia in 3Q 2025    Yapı Merkezi reaffirms its commitment to Saudi Arabia with the opening of its regional headquarters in Riyadh A new step in Turkish Saudi cooperation    OMODA 4 Media Preview: Shaping the future of mobility with media and users    Belgian resistance holds up €140 billion loan for Ukraine at EU summit    Trump says he's ending trade negotiations with Canada    EU, US impose new sanctions on Russia to force ceasefire in Ukraine    Egypt joins EU funding program Horizon Europe    Riyadh Season 2025 draws 1 million visitors in 13 days    Athar Festival 2025 opens in Riyadh with record attendance, new creative streams, and Saudi-first innovations    Qatar clinch 2026 World Cup berth with 2-1 win over UAE in Doha    'India's Picasso' is breaking auction records — enraging the Hindu right    D'Angelo, Grammy Awardwinning R&B singer, dead at 51    Splash unveils new winter collection featuring Maya Diab    India players refused handshakes, says Pakistan coach    Adolescence star Owen Cooper makes Emmys history at 15    The key to happiness    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Congress' tank empty on energy help
Published in The Saudi Gazette on 02 - 08 - 2008

In a summer of nationwide anguish over fuel costs, Congress' attack on soaring gasoline prices has been full of high-octane rhetoric and low-energy results.
Both parties instead have fought bitterly for weeks over who can make the best political points for the November elections, with Republicans pressing for more domestic oil drilling and Democrats railing about oil company profits.
Despite hundreds of hours of House and Senate floor debate over the country's energy problems, lawmakers will leave Washington for their five-week summer hiatus this week with an empty tank.
Congress' sole legislative response to people's anger over $4 gas and expectations of record heating costs this winter has been to stop a small amount of oil from being shipped into the government's emergency reserve. The shipments ended, but oil and gasoline prices continued to rise.
Through the year, dozens of proposals surfaced and then fell by the wayside under partisan assaults.
Among them were measures to make energy price gouging a federal crime, to curb oil market speculation, to extend tax credits for wind and solar energy projects, to tax the windfall profits of the largest oil companies, to subject the OPEC oil cartel to US antitrust laws, to release oil from the government emergency stockpile and to spur nuclear energy development and the use of coal as a motor fuel.
Many of the proposals were offered by Democrats; others came from Republicans.
All have gone nowhere.
One energy issue has overshadowed the others: Congress has been in gridlock because of sharp disagreement between Democrats and Republicans over whether to open the coastal waters of the Atlantic and Pacific to oil and gas drilling.
For the third time in three days, President Bush on Thursday called on lawmakers to lift offshore drilling bans.
“If you want to take pressure off price, we ought to be sending a signal that the United States is going to find oil right here in our own hemisphere,” he told a West Virginia Coal Association meeting.
On Capitol Hill, there seemed to be no interest in compromise.
Instead, Republicans saw the call for more domestic drilling as political gold. They're hoping to use it as a way to outflank Democrats in an election year when voters are looking to Washington for answers to high gasoline and other energy costs.
“They're like a dog with a bone and they're not letting go,” said one Democrat about the incessant GOP push for offshore oil development.
Democrats know well that opinion polls show the public, reeling under high gasoline prices, favors more domestic energy development. So they've countered with their own drilling message.
“Democrats are for drilling,” House Majority leader Steny Hoyer of Maryland insisted this week, repeating the assertion several times for emphasis. “We're not necessarily for drilling where they (Republicans) want to drill.” The Democrats argue oil companies already have 68 million acres (27.5 million hectares) of federal land and offshore waters available under government leases that they could pursue.
With the public showing little sympathy for oil companies, congressional Democrats have targeted oil companies' profits, hoping to take some of the attention away from the GOP assault over offshore drilling.
That argument was given a boost this week with another round of huge oil industry profit announcements. Exxon Mobil Corp. said Thursday it earned $11.68 billion in the second quarter, the most ever by the US corporation.
“The top five oil companies are now on track to hit $160 billion in profits for the year,” said Rep. Edward Markey, a Democrat from Massachusetts, releasing a report that showed much of those profits are used to buy back stock and not invest in new production.
But Democratic proposals to tax windfall profits of the five largest oil companies and repeal some of their tax breaks also have gone nowhere, ending in more partisan fights, GOP filibusters and a promise of a presidential veto from the White House.
“My Republican colleagues are buying the line of Big Oil,” Senate Majority Leader Harry Reid of Nevada complained this week.
“Surely Americans are tired of Republicans delaying and rejecting every effort Democrats make to solve our nation's (energy) problems,” said Reid as it became increasingly certain that Congress was punting on energy - at least until fall.
Senate Republican leader Mitch McConnell of Kentucky said energy is “the No. 1 issue” facing the country and that “the American people are clamoring for legislation that will bring down the price of gas.” It's an assertion Democrats would not challenge. But that doesn't mean the two parties were any closer to agreeing what to do about it.
“We need to come together in a bipartisan approach,” Nevada Republican Sen. John Ensign said on the Senate floor. “It's time to act. It's time to stop playing politics.” As lawmakers pushed to leave town - in many cases to face angry voters on the campaign trail - there was little reason to think that will happen. – AP __


Clic here to read the story from its source.