Jul 28, 2008 5:22 pm US/Central
Al Franken Outlines Plan To Cut Energy Costs
ST. PAUL (AP) ―
Democratic Senate candidate Al Franken called Monday for the release of 50 million barrels of oil from the nation's strategic stockpile within 100 days, a move already under debate in Washington.
Appearing at a gas station, Franken said such an extraction from the Strategic Petroleum Reserve would increase supply and raise at least $5 billion for the federal government. He proposed using some of that money to beef up spending for programs that help people weatherize their homes.
A bill forcing the Energy Department to release 70 million barrels of oil -- a three-day supply -- got hung up last week in the U.S. House. The strategic reserve now holds about 700 million barrels.
Franken also hammered Republican Sen. Norm Coleman's recent votes to sideline a bill that would outlaw oil futures speculation that some economists blame for rising energy prices.
The Senate Democrats' bill stalled last week because they lacked sufficient votes to close off debate. The bill would require the Commodity Futures Trading Commission to set limits on trading in oil markets by investors and speculators as well as closing other trading loopholes.
"What he says here in Minnesota isn't always what he does in Washington," Franken said. "Norm Coleman could have used his vote to bring down gas prices for Minnesota families, but his vote belongs to George W. Bush and the special interests."
Coleman campaign spokesman Mark Drake said the senator was disappointed the bill didn't include expanded leases for offshore oil drilling. Drake said additional exploration and more leases would help address long-term energy costs.
Franken said he supports more drilling within existing leases but said granting new rights would amount to a giveaway to oil companies. He said the move probably wouldn't yield more oil for decades.
"He's just sentencing future generations to have the same debate we're having now," Drake said of Franken. "Let's get it on, let's go, let's do it."
On the oil-reserve proposal, Drake said Coleman believes "emptying these emergency reserves to produce an incremental difference in gas prices is not the best or most effective answer."
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