(WASHINGTON, D.C.) – U.S. Senator Tom Coburn, M.D. (R-OK) today hailed the implementation of a comprehensive national energy policy through the passage of the Domenici-Barton Energy Policy Act. The legislation passed by a vote of 74 to 26.
“For too long our nation has been lacking a comprehensive national energy policy leading us to become too dependent on foreign energy sources. Over the past 20 years, the lack of an energy policy has lead to the current environment of exorbitant gasoline and natural gas prices,” Dr. Coburn said. “This legislation will help stabilize energy prices and more importantly it will open the door for development of alternative energy sources which will lessen our dependency on foreign energy. Our economic and national security will be strengthened through this bill.”
“This energy bill provides Oklahomans with great opportunities for success and will ensure our state remains a leader in the energy sector,” Dr. Coburn added. “Through incentives in this bill, Oklahomans will be rewarded for their attempts to develop and explore our reserves and develop new energy sources like wind power, coal gasification and biofuels.”
Some of the key provisions of the Domenici-Barton Energy Policy are:
- Includes a provision aimed at reducing bureaucratic delay and costly litigation on nuclear power plant construction.
Incentives to increase the production of electricity from new advanced nuclear power plants.
- Tax incentives to increase the production of alternative energy sources such as wind, geothermal and coal gasification.
- An inventory of oil and gas resources on the Outer Continental Shelf to enable the federal government to better manage these resources.
- Provisions to streamlining of oil and gas development on existing federal lease sites to bring the fuels to market sooner.
- A strong federal program to design and deploy clean coal technologies so America can continue to use its 250-year supply of coal while protecting our air and water.
- Tax incentives program to encourage the construction of clean coal facilities, including a new 20 percent investment tax credit for clean coal facilities and a new 20 percent investment tax credit for coal gasification units that produce fuels and chemicals.