New Era Delayed by Financial Crisis


Senators Kent Conrad and Saxby Chambliss have decided to wait until after the elections, and introduce the New Era legislation in the next session of Congress.  The House and Senate leadership has directed its full attention to the $700 billion financial rescue package, leaving no time before the election recess to debate energy policy.  This means that the moratorium on offshore drilling for oil and gas will expire at the end of this week, and will presumably not be an issue going forward in the election campaign. Nevertheless, the Gang of 20 (10 senators from each party) did meet with T. Boone Pickens to discuss his proposed plan for energy independence, many elements of which are in the New Era draft legislation.


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