Broader Energy Bill News

The U.S. Senate Energy Committee on Thursday passed a bill that would lift a decades-old ban on the export of crude oil. The 22-member panel passed the bill to allow the United States to export oil and boost state revenue-sharing for offshore oil and gas drilling by a vote of 12-10. Senate Energy Committee chair Lisa Murkowski, a Republican senator from Alaska, has been a long-time advocate for lifting the ban, which she said was outdated due to the rise of the United States as an energy power. In addition to unlocking crude oil exports, the bill would also speed up exports of liquefied natural gas and ensure that states that have offshore oil and gas development get their share of federal revenues. The bill will move to the Senate floor for wider debate later this summer.

House Speaker Nancy Pelosi said that expanded oil drilling in federal waters could be included in a broader energy bill if advocates can prove its effectiveness as a solution to 's energy problems. In a television interview yesterday, Pelosi said the oil industry and its allies in Congress also would have to agree to pay royalties on oil profits to fund the development of renewable energy resources. The California Democrat, has previously expressed outright opposition to expanded offshore drilling. Yesterday she said offshore drilling should be discussed but she does not believe it is a workable solution in the short run. Source:  AP