New Energy Bill: Reducing Our Dependence on Foreign Oil

Growing transportation requirements combined with declining domestic oil production have led to burgeoning oil imports. Rising oil prices are having an adverse
impact on the U.S. economy as evident from recent economic data and stock market performance. We need a responsible energy plan which will balance our transportation
requirements with the necessity to reduce our dependence on foreign oil.

Rising Oil Prices.

Oil prices have been on a roll this year. As of August 10, crude oil prices have climbed over 45% since the start of 2004. A barrel of West Texas Intermediate recently
recorded its all time high of $45.04 on the New York Mercantile Exchange. And this has happened despite the Organization of Petroleum Exporting Countries increasing
its oil output.

Earlier in the year, the run up in oil prices was attributed to surging demand for petroleum products due to a strong global economy. Then it was the unrest in
Venezuela and Nigeria.

Concerns on security of oil supplies have heightened more recently. Added to the pipeline disruptions in Iraq are kidnappings of foreign workers in the Middle East.

Yukos, the Russian oil company