September 5, 2008 - 09:55
News: Maryland

Bartlett op-ed pushes 'energy independence bonds'

U.S. Rep. Roscoe Bartlett, Republican of Frederick County, joins Rep. Jim Marshall, Democrat of Georgia, in a Washington Post op-ed this morning calling for more domestic drilling but with a change to leasing terms.

Virtually all general drilling bans should be lifted. We should permit drilling offshore and in the ANWR and require that it be done with appropriate care.

Before granting additional drilling rights, however, we should fundamentally change the terms of future oil and gas lease agreements to ensure that taxpayers capture more of the revenue from our remaining reserves. Today's agreements provide exceptional profits for leaseholders when prices rise, so much so that leaseholders have a significant financial incentive to delay production until prices rise. That must change.

Their solution? Well, it's unclear what they plan on doing to decrease oil companies' incentives for delay, but they do suggest placing federal revenue from the leases into "a trust fund and used to foster a clean energy future for America" and immediately issuing "Energy Independence Bonds" against the enhanced revenue.

Wally Edge can be reached via email at noreply@politicker.com.

Related topics: Roscoe Bartlett, MD-6, Jim Marshall

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