June 26, 2008

Crapo: Gas Bill Takes Action For Price Relief

Co-sponsors the Gas Price Reduction Act of 2008

Washington, DC - Idaho Senator Mike Crapo announced today that he is co-sponsoring the Gas Price Reduction Act of 2008 because it seeks to both reduce prices at the pump and provide long-term energy policy specific to vehicle fuels that will benefit consumers and the environment. Crapo joined with more than 40 other Senators, including Senate Republican Leader Mitch McConnell, in introducing the legislation today.

"The key to our energy future is to take a balanced approach to domestic production, conservation and alternative fuel development," said Crapo, a member of the Senate Renewable and Energy Efficiency Caucus. "This legislation may be our best chance to see price relief because it addresses all the major areas of debate on gas prices-increased domestic production off-shore and possible oil shale development, utilizing more electric and alternative fuel vehicles, and strengthening oversight of oil futures trading to prevent abuses which could affect prices."

Crapo noted studies show that oil shale reserves centered in Utah, Colorado and Wyoming could hold up to three times the oil reserves of Saudi Arabia and that deep-sea exploration could produce more oil than all the exports from the Persian Gulf over the past 15 years.

"This legislation frees our nation to aggressively move to become much less dependent on foreign sources of energy," Crapo added. "Energy independence and a transition to alternative and reusable forms of energy are critical to our long-term economic security."

More information about the Gas Price Reduction Act of 2008 is available on Crapo's website at http://crapo.senate.gov. He will also host a radio talk show on energy issues next Tuesday, July 1st, from 4:00 to 7:00 p.m. in Boise on KBOI-AM 670. Crapo has received well over a thousand e-mails from Idahoans concerned about high energy prices.