U.S. Senator Bingaman Outlines Energy Committee Agenda at Platts Energy Podium

U.S. Senator Bingaman Outlines Energy Committee Agenda at Platts Energy Podium

March 13, 2007

    WASHINGTON, March 13 /Xinhua-PRNewswire/ -- U.S.
Senator Jeff Bingaman, chairman of the Senate Energy and
Natural Resources Committee, told a standing-room only
Platts Energy Podium event in Washington on Monday that his
committee would focus on six key legislative issues,
beginning with resolution of offshore leasing disputes,
climate change legislation, and energy technology policy.
He said the Committee was off to a good start already,
having held some 16 hearings and several all-day
conferences barely two months into the new Congressional
session.

    "I hope that we can move ahead and actually make
progress in all these areas over the next few months,"
Bingaman said. "I think the timing of actual
introduction of legislation and consideration of that
legislation both in committee and on the floor is
uncertain."

    While climate change legislation is a Congressional
priority, Bingaman said prospects of enactment within the
next two years depends on the support of the Bush
Administration. If the administration chooses to
"oppose any and all mandatory limits on greenhouse gas
emissions, then it's going to be very difficult to get
anything done," the New Mexico Democrat warned. He
urged the Bush White House to spur Senate Republicans who
have been on the fence about climate change to favor a bill
and overcome the 60-vote hurdle needed for passage.

    "I believe strongly as I have for sometime that we
need to have a long-term policy to curb green house gases
without dampening our economic growth in the process,"
Bingaman said. He pointed to the draft legislation he
released in January, saying it had already received praise
from the Department of Energy's Energy Information
Administration as being adequate to accomplishing that. 
"We're hoping some time in April that we're in a
position to actually put forward a new and improved version
of that legislation," he continued, noting that the new
version will lead to even lower overall carbon emissions
than the original draft and will place a greater value on
carbon cuts. He emphasized that any federal standard
limiting carbon emissions should supersede any
state-developed standards. 

    On the topic of taxes, the Senator said he is undecided
about whether tax breaks awarded the oil and gas industry by
the 2005 Energy Policy Act should be rolled back or
eliminated. "The tax provisions were included to
encourage more [domestic] energy production," Bingaman
explained. "It's not clear they've accomplished that
objective and we need to bring in some experts to make that
determination." House-passed legislation, which has yet
to be taken up by the Senate, would roll back the tax breaks
and dedicate the funds to renewable and alternative fuel. 

    As for the President's call for substantial increases
in biofuel production and use by 2017, Bingaman said,
"We're trying to look at how much of that goal can be
accomplished realistically." Meanwhile, Committee
discussions of energy efficiency and conservation standards
seemed to provide an easier reality check.

    "I think all the Democrats on the Committee have
indicated their support for a 15% renewable energy
requirement or portfolio standard," Bingaman said. But
details on how to properly encourage smart grid development
and implement tougher energy efficiency standards for
buildings, lighting, and appliances have yet to take
shape.

    Regarding U.S. Gulf of Mexico oil and gas lease
disputes, Bingaman said, "We're trying to settle upon
a way to ensure that the Treasury is made whole." The
U.S. Treasury has yet to collect billions of dollars in
leasing fees because of the ongoing disputes. Some of the
leases were issued up to 12 years ago. "I hope in the
next week or two we'll have some legislation to propose in
that area," Bingaman said. But he raised doubts in the
minds of some Platts Energy Podium attendees about the
legislation's likely reception when he added, "At
least it will be my best effort at getting the issue
resolved." 

    Sponsored by Platts, a division of The McGraw-Hill
Companies, Platts Energy Podium provides an ongoing forum
for prominent newsmakers and the press to address important
energy and environmental issues. Members of the media may
receive complementary registration for Energy Podium events
by contacting Nancy Covey at 202-942-8719,
[e-mail]. A recording of the Bingaman session
is available via podcast at
http://platts.com/energypodium/index.xml/ .  

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