Both the House and the Senate released energy proposals before the August recess. The House unveiled HR. 6709, the “National Environment, Conservation and Energy Independence Act of 2008.” Notably, Title I of the bill calls for “increased exploration and production of oil, oil shale, natural gas, and other fuels on onshore and offshore federal lands, including the Outer Continental Shelf (OCS).” According to a summary, the bill would dedicate $130 billion to the Carbon Capture and Sequestration and Nuclear Waste Reserve.
The Senate has also agreed to an outline of provisions for an energy bill. The Gang of 10 Senators agreed to principles for the New Energy Reform Act of 2008. According to the summary, the bill will contain three main components:
- An intensive effort to transition vehicles to non-petroleum based fuels;
- a robust federal commitment to conservation and energy efficiency; and
- targeted, responsible domestic production of energy resources.
Additionally, the New Energy Reform Act would provide a credit of $15/ton when CO2 is used for the purpose of enhanced oil recovery.