U. S. SENATE CANDIDATE AL FRANKEN ADDRESSES ENERGY CRISIS

07/03/2008

Outlines proposals to immediately address gas prices, long-term plans to meet our energy needs



SAINT PAUL [7/2/08] – DFL-endorsed U.S. Senate candidate Al Franken today discussed Minnesota's energy crisis, outlining his proposals to take immediate action to return sanity to the energy market and put our country on a path to ending our dependence on foreign oil.

The price of gas has increased by 275% since President Bush took office – and the big oil companies are making $1.5 billion every week.

"The high price of gas is contributing to the middle-class squeeze in Minnesota," said Franken. "And all Norm Coleman has to offer are phony solutions. Experts agree: Opening up drilling on the Outer Continental Shelf won't have an impact on gas prices this summer, this year, or this decade. I think we should require oil companies to first drill on the 68 million acres they currently control but aren't using."

Franken proposed a crackdown on energy futures trading that is currently allowed to go on outside the purview of U.S. regulations, saying: "Wall Street speculators are responsible for a part of the rise in gas prices, and we can do something to stop them. I call on Congress to pass aggressive new legislation to rein them in."

Franken also urged Congress to take action to investigate the possibility that oil companies have intentionally restricted production in an attempt to manipulate the market.

Besides these two immediate steps, Franken reiterated his call to end government subsidies for Big Oil, and for an Apollo program, funded in part by a windfall profits tax on oil industry profits, to invest in renewable energy and energy efficiency.

He said, "We should be looking to wind energy, solar energy, biofuels, and other solutions. And we should be building the next generation of hybrid electric cars and other energy-efficient products right here in Minnesota. By extending the research and development tax credit and increasing our investment in basic research, we can ensure that Minnesota farmers and businesses and students and consumers are the big winners in the green economy."