U.S. Senator Bob Corker (R-TN), a member of the Energy and Natural Resources Committee, on July 14, responded to President Bush’s announcement that he will lift the executive ban on offshore oil exploration and production on the Outer Continental Shelf (OCS). Corker noted that the President’s announcement alone will not allow exploration and production on the OCS to occur and that Congress must act to remove the ban on most of the OCS that has been imposed every year for over two decades.

“At a time when Tennesseans are paying record fuel prices and want to reduce our country’s reliance on foreign oil, states should be allowed to pursue environmentally responsible exploration and production offshore if they choose. This can be done without compromising the scenic beauty and recreational opportunities along our shorelines.

“Lifting the executive ban won’t produce one drop of oil on its own, but the president’s actions are an important first step in a two-step process to produce more energy here in the U.S., lessen our dependence on foreign oil, and lower prices at the pump,” said Corker.  

“In order for the president’s announcement to have any significant impact, Congress must act and pass legislation like the Gas Price Reduction Act that frees up domestic oil production in the U.S., while encouraging a strong sense of urgency in developing new technologies. By passing this legislation we could send a powerful signal to the markets that we are working to increase supplies while decreasing demand, which should have an immediate impact on easing prices at the pump for Tennesseans.

“Some argue that oil companies already have access to thousands of acres from which they are not producing any oil and therefore do not need access to additional acres. Just because a well is not producing oil today does not mean that it is not under active development. It takes huge investments and many years to get from the initial stages of exploration to actual production on a commercial scale.

“The reality is that we cannot make the transition to alternative energy overnight, and while we’re getting there, does it not make sense to use our own oil reserves rather than shipping billions and trillions of dollars overseas to countries that would do us harm? I support environmentally friendly offshore oil production because I believe it is a bridge to the future while we invest in alternative energy technology. We simply don’t have the luxury of relying on a silver bullet to meet our energy needs, so our bill encourages several approaches that include alternative vehicle technologies and domestic resources.”

Corker helped craft and introduce the Gas Price Reduction Act, a balanced bill that supports increasing domestic supply through deep sea exploration from the OCS and use of domestic oil shale, decreases the use of gasoline by investing in advanced vehicles, and strengthens the U.S. energy futures markets to ensure manipulation is not occurring by requiring greater transparency and oversight.

Corker has also joined a bipartisan group of U.S. senators, five Republicans and five Democrats, in committing to work together on legislation addressing the nation’s energy crisis. The group sent a letter to Senate Majority Leader Harry Reid (D-NV) and Republican Leader Mitch McConnell (R-KY) asking them to convene an energy summit in order to hear from unbiased experts to assist them in moving forward in crafting the legislation.