[img_assist|nid=959|title=U.S. Rep. John Yarmuth|desc=|link=none|align=right|width=160|height=241]In the next hour, U.S. Rep John Yarmuth (D-Louisville) is set to speak on the floor of the U.S. House in favor of legislation requiring oil companies to drill on leased public land.

The bill - termed the "use it or lose it" bill - was introduced by Natural Resources Committee Chair Nick Rahall (D-W.Va.). Formally called The Responsible Federal Oil and Gas Lease Act of 2008, it would impose fines on oil companies not drilling on federal lands currently leased to them.

Yarmuth and other supporters of the bill contend 68 million acres of land under lease, yet not currently drilled, could produce 4.8 million barrels of oil and 44.7 billion cubic feet of natural gas per day. Some supporters contend the land remains undrilled in an effort by oil interests to control supply.

Yarmuth's opponent in the 3rd Congressional District, former U.S. Rep Anne Northup (R-Louisville), contends the bill would force oil companies to make "unprofitable" efforts, saying much of the land holds not enough gas and oil to make drilling worthwhile. Northup instead supports drilling on the outer continental shelf and in the Arctic National Wildlife Refuge.

A recent estimate by the Energy Information Administration found that opening ANWR to drilling could produce a peak of 876,000 barrels of oil a day.

Updated: Yarmuth spoke briefly on the floor reiterating many of the points previously made on the bill.

He targeted oil companies, saying their inactivity on leased land was an attempt to control supply.

"The oil companies want more land to control, which keeps more oil off the market and prices high," said Yarmuth on the floor.

The freshman Rep. also argued companies were looking to open up ANWR "presumably so they cannot drill there."