IN THE NEWS
While the Obama administration continues to take energy options off the table, House Republicans are working to increase America’s energy resources and options to keep costs down.
According to a recent study by the Energy Information Administration, the disparity in electricity rates around the country have grown in the past year to the point where people in New York City are paying twice the rate of people in the Northwest. New York City now pays $70 per megawatt-hour, while Oregon and Washington—endowed with more affordable hydropower—pay only $35 per megawatt-hour. Rates have generally risen in the East over the past year while remaining relatively stable in the rest of the country. High electrical prices have hurt manufacturing in the Northeast. Ironically, rates in New York and New England may be about to rise again as New York, New Jersey and Vermont prepare to close down major nuclear reactors, including Indian Point, which provides New York City with one-quarter of its electricity.
Source: U.S. Energy Information Administration based on SNL Energy, average day-ahead, on-peak spot prices
WHAT REPUBLICANS ARE DOING
Tuesday, the House approved H.R. 1938, a bill that would help facilitate better coordination of the Keystone XL pipeline federal permit approval process and give much needed certainty by providing a clear deadline for decision.
According to the House Committee on Energy and Commerce, completion of the pipeline expansion will double U.S. imports of Canadian oil, carrying nearly 1.3 million barrels a day to refineries throughout the Midwest and Texas. The increased capacity of safe and secure oil supplies will help restore confidence in the markets and bring down prices at the pump. The pipeline will also put tens of thousands of Americans back to work. Construction and operation of the pipeline is estimated to generate over 100,000 jobs.
Tuesday, during debate on H.R. 1983, Chairman Upton (R-MI) made the following statement in strong support of an increased supply of Canadian oil.
“This pipeline, Keystone XL, if approved, would dramatically improve our energy security. According to the Department of Energy, the pipeline would ‘essentially eliminate’ our Middle East oil imports. It would provide a massive influx of stable oil into the market – something desperately needed as threatened supplies in North Africa send prices into orbit. This country needs the president to make a decision on the Keystone XL’s permit. The uncertainty has gone on too long, and if we don’t act, these energy supplies WILL go someplace else … If we don’t build this pipeline, Canada will find another buyer.”
**If you would like your Boss’s efforts on energy to be highlighted in the future, contact Sarah Makin**