Feingold Pushing Bill For More Domestic Oil Drilling
By Katie DeLong
More domestic drilling for oil is frequently proposed to help lower gas prices.
Senator Russ Feingold is pushing a bill through congress that could force oil companies to do more of that.
“I think they should have to, as I say, use it or lose it,” Feingold said.
Feingold joined TODAY’S TMJ4’s Vince Vitrano via satellite Thursday for an interview.
He says the U.S. has leased millions of acres of land to big oil companies under the premise that they would drill for oil. Feingold says they haven't, and his legislation would compel them to do so, or give the land back. He says it's not a Washington publicity stunt.
TODAY’S TMJ4’s Vince Vitrano: “A lot of folks are frustrated because we've seen this before. We bring all the oil execs before congress, they answer a bunch of questions and that was when gas was $2 a gallon. Now it's more than $4 a gallon. Is there something congressionally that we can do to fix this?”
“I remember a couple years ago people were upset talking to me, and that's when gas was $2 a gallon. That's why I’m on this show today. I am introducing legislation that forces the oil companies to do something specific, instead of a general investigation into their practices which is also needed. This says, ‘look guys, you've got 66 million acres in oil and gas leases, we understand some of this might not work out, but we're talking, potentially about 100 billion barrels of oil. That's something that should be pursued,’” Feingold said.
Feingold also said increasing domestic oil production is only part of route to energy independence. He stressed conservation and increasing renewable energy sources.
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