Gang of 10 Unveil Bipartisan Plan to Reduce Energy Prices

USAgNet - 08/04/2008

Senator John Thune of South Dakota along with a bipartisan coalition of Senators - known informally as the "Gang of 10" - Friday unveiled a sweeping energy proposal, the New Energy Reform Act of 2008 (New ERA Act), which would reduce gas prices, lessen our nation's dependence on foreign oil, and strengthen America's economy.

"For weeks, I have been working with both Democrats and Republicans to put politics aside and come up with a comprehensive energy package that will reduce energy prices for the American people. The New Energy Reform Act of 2008 would increase domestic oil and natural gas production, extend the wind production tax credit for four years, transition American fuel consumption from fossil fuels to biofuels, increase conservation and launch an Apollo-like project to move America's cars and trucks to non-petroleum-based fuels.

"America is at a crossroads due to our growing dependence on foreign sources of energy. One road puts our economic and national security at risk and the other road moves us toward greater energy independence. The New Energy Reform Act of 2008 taps into American's limitless potential and resourcefulness and could be the start of a new era of American energy independence.

"Unfortunately, the energy debate in Washington has been sidelined this year due to partisan politics. This failure by Congress to act can no longer stand as consumers continue to experience record fuel prices. I urge the rest of my colleagues in Congress to come together, as we ten Senators have, with a willingness to compromise and solve one of the greatest problems facing this nation. The American people can no longer afford the status quo of Washington inaction. The time to act is now,"said Thune.

Along with many of the main provisions, Senator Thune worked hard to include: a four year extension of the wind production tax credit; $2.5 billion in research, design and development on next generation biofuels and infrastructure; and expanding transmission capacity for power from clean renewable energy sources. Included in the biofuels infrastructure provisions are expanded incentives for the installation of alternative refueling pumps and an ethanol-dedicated pipeline program.

The Gang of 10 was formed by Senator Thune and Senator Kent Conrad of North Dakota and Senator Saxby Chambliss of Georgia. Senators working with Thune, Conrad and Chambliss to develop the proposal include: Lindsey Graham of South Carolina, Blanche Lincoln of Arkansas, Mary Landrieu of Louisiana, Johnny Isakson of Georgia, Bob Corker of Tennessee, Mark Pryor of Arkansas and Ben Nelson of Nebraska.

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