Hoeven Calls For Comprehensive National Energy Policy – More Domestic Production, Less Dependence on Foreign Oil

WASHINGTON – In a speech on the Senate floor, Senator John Hoeven today called for a comprehensive national energy plan that pushes for increased domestic energy production to reduce the country’s dependency on oil from unstable parts of the world.

 “In recent weeks we have seen political turmoil in Libya, Egypt, Tunisia and other North African nations.

“Only time will tell what the outcome of these historic events will be. What is clear, however, is that once again there is a disruption in the world’s petroleum supplies as a result of the turmoil in this region of the world, and American consumers and businesses are feeling the brunt of it.

“In the United States, we’ve seen the price of gasoline and other petroleum products increase greatly.

“The pain is particularly sharp at the pump. Over the last few weeks, retail gasoline prices have risen to more than $3.50 a gallon. They are expected to rise to more than $3.70 a gallon during the peak summer driving season, and of course, they could go much higher. That is a reflection of what’s happening in the crude oil commodity markets.

“There is a path out of this for America – a path that we in my home state of North Dakota successfully followed a decade ago – by building a comprehensive energy plan we called, Empower North Dakota.

“Through Empower ND, we worked to create a business climate that incentivized energy companies across all industry sectors – including the oil industry – to invest in our state. We created the kind of legal, tax, and regulatory certainty that attracted capital, expertise – and jobs – to North Dakota.

“In response, our enhanced business environment drew investment capital, technology, and ingenuity to the Williston Basin – which unlocked the potential of North Dakota’s oil patch. 

“We took full advantage of the Bakken and Three Forks, which are deep shale formations with billions of barrels of oil locked away in the porous rock, by using innovative, unconventional technologies and good environmental stewardship.

“As a result, this year North Dakota will produce more than 120 million barrels of sweet crude oil. Since 2006, we have grown to become the 4th largest oil-producing state in the nation, surpassing states like Oklahoma, and most recently, Louisiana.

“We are at a moment in our history when we can truly turn adversity into opportunity, potential into reality.

“I urge our members to seize this opportunity to make America stronger, safer, and more financially secure with a comprehensive approach to truly develop American energy right here at home to meet our needs – both now and for future generations.”

Senator Hoeven is committed to developing a comprehensive energy policy for America that develops all of the nation’s energy resources, both traditional and renewable. In light of recent events in the Middle East, today’s floor speech focused in particular on oil and gas development.