Elizabeth Dole has been getting high praise from some on the right for supporting something called the “Gas Price Reduction Act.” In fact, both of North Carolina’s senators support the legislation.

The centerpiece of the bill is more drilling, most significantly off shore. But let’s look at what the bill says (summary of the bill is pasted in below): “Exploration must be at least 50 miles from coast.”

Here’s the rub: most experts agree that the new energy resources to be found off the coast of North Carolina are in the form of natural gas and that exists about 40 to 45 miles from our coast. If that is the case, then our Republican senators are touting a bill that cuts NC out of the direct economic growth effects for the state that would come from it. By the way, this legislation says nothing about allowing drilling in the Arctic National Wildlife Reserve (ANWR).

Clearly, this legislation is meant to appease the eco-alarmist John McCain, who has always opposed exploration in the ANWR and continues to do so. Tht is easily explained by his (and Senator Dole’s) support for the massive energy tax known as “Cap and Trade,” which exposes his real feelings about actually using more oil.

THE GAS PRICE REDUCTION ACT OF 2008
Summary of Provisions

TITLE I ? DEEP SEA EXPLORATION (OCS)

14 Billion Barrels On Atlantic and Pacific OCS ? More Than All US Imports From Persian Gulf Countries Over The Last 15 Years ? 1 million barrels per day
? State Option Nationwide (except Gulf of Mexico)
Governor petitions to allow exploration, with concurrence of state legislature
? Exploration must be at least 50 miles from coast
? 50% of revenues to Federal Treasury, 37.5% to States, 12.5% to Land & Water
Conservation Fund

TITLE II: WESTERN STATE OIL SHALE EXPLORATION

More Than 3 Times The Oil Reserves Of Saudi Arabia
? 800 billion – 2 trillion potentially recoverable barrels in Colorado, Utah, Wyoming
? Democrat Congress put moratorium on final regulations for development of this resource
? Republican proposal would repeal the moratorium and allow exploration to move forward

TITLE III: PLUG-IN ELECTRIC CARS AND TRUCKS

? We need better batteries to maximize electricity range & use less gas
? Increased R&D for advanced batteries
? Direct Loans for advanced battery manufacturing facilities
? Sense of Senate that the Federal Government should increase its purchases of these vehicles

TITLE IV: STRENGTHENING U.S. FUTURES MARKETS

? Authorize increased funding/staff for Commodities Futures Trading Commission (CFTC)
? Directs the President?s Working Group on Financial Markets to study the international regulation of commodities markets
? Codifies CFTC action on Position Limits and Transparency for Foreign Boards of Trade
? Requires the CFTC to Gather Information on Index Traders and Swap Dealers