American Chemistry Council News

ACC: President Bush, Senators Warner, Webb and Landrieu Show Leadership on Offshore Energy

Bipartisan New Legislation, Statements Reflect Need to Include Domestic Energy Supply in Comprehensive U.S. Energy Policy

ARLINGTON, Va., June 18 PRNewswire-USNewswire — Today President Bush asked Congress to lift the legislative ban on domestic energy development in the Outer Continental Shelf (OCS) and pledged to lift the executive prohibition in the event of such action. Senator John Warner (R-VA) introduced a bill co-sponsored by Senator Jim Webb (D-VA) that would allow Virginia to develop domestic natural gas resources beyond 50 miles from its shores and share in leasing revenues. Senator Landrieu reiterated her strong support for domestic energy development and announced her intention to reintroduce her legislation to allow states to opt-in to offshore production and share in the revenues.

American Chemistry Council (ACC) President & CEO Jack N. Gerard issued the following statement:

"Today's bipartisan announcements are welcome signs that Congress is recognizing the importance of domestic energy supply as part of a comprehensive U.S. energy policy. It's time to stop the partisan politics and implement sound energy policy. From soaring energy prices to growing global energy demand to reducing greenhouse gas emissions, Americans face a number of energy challenges - today and for decades to come. Senator Webb had it right when he said the energy issue requires affirmative leadership. We hope today's events are followed by additional proposals and a substantive discussion of energy issues and solutions.

"The 500 percent jump in U.S. natural gas prices since 2000 has hit energy-intensive manufacturers hard. In the business of chemistry, our energy costs have tripled from $25 billion in 1999 to $72 billion in 2007 and we've lost nearly 120,000 well-paying jobs, many of them to other nations where natural gas costs far less. American chemistry has gone from a $19 billion trade surplus to becoming a net importer of chemicals. Numerous other industries have a similar story to tell. The United States cannot afford this harm to its global competitiveness. Meanwhile, consumers are feeling the pain of higher home heating and electricity prices - both influenced by the price of natural gas - and persistently high energy costs are increasing the risk of recession.

"This Congress can reverse decades of energy policy failures and help end the long-term energy crisis by taking steps to enact comprehensive energy legislation that encourages diversity - including lower-emissions sources and technologies; efficiency; and expanded domestic supply. Public opinion surveys show a solid majority of Americans support offshore energy development. This summer, we encourage the entire Congress to lead the nation toward a more affordable, secure energy future."

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The American Chemistry Council (ACC) represents the leading companies engaged in the business of chemistry. ACC members apply the science of chemistry to make innovative products and services that make people's lives better, healthier and safer. ACC is committed to improved environmental, health and safety performance through Responsible Care(R), common sense advocacy designed to address major public policy issues, and health and environmental research and product testing. The business of chemistry is a $664 billion enterprise and a key element of the nation's economy. It is one of the nation's largest exporters, accounting for ten cents out of every dollar in U.S. exports. Chemistry companies are among the largest investors in research and development. Safety and security have always been primary concerns of ACC members, and they have intensified their efforts, working closely with government agencies to improve security and to defend against any threat to the nation's critical infrastructure.

SOURCE American Chemistry Council

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