"We reminded Congress that we are strong supporters of the development and use of alternative energy sources in blending with traditional petroleum products such as biofuels," PMAA said. "We urged Congress to remember that for the next 100 [image-nocss] years, traditional sources of domestically available energy resources of all kinds will need to be brought to bear to maintain the nation's economic and national security. Specifically, Congress needs to expedite oversight of deep water drilling projects, overhaul the Department of the Interior's Mineral Management Service, and get the U.S. back into the production of domestic crude oil, especially in the Gulf of Mexico."
PMAA communication to Congress also addressed the role a dramatically weakened U.S. dollar has on energy prices.
"Crude oil has increased in cost by more than 30% since this summer. Energy inventories are up, consumer demand is down--yet prices for heating oil and gasoline are rising. These increased costs are in part because the Federal Reserve has pumped out trillions of dollars in an attempt to re-inflate the nation's economy. As more dollars flow out of the Fed and into the money supply, the less each dollar is worth. As the Fed drives down the value of the U.S. dollar, everything that is sold in dollars rises in price, which has a dramatic impact on people buying these necessities," the letter said.
It also address an ongoing "rally cry" of petroleum marketers, the continued impact of excessive speculation in the commodities market. The group urged Congress to continue to support and completely fund full implementation of the Derivatives Title in the Dodd-Frank Act.
Finally, PMAA recommended that Congress develop energy policy in the span of 50-year intervals, and not the two- and four-year election cycles that have failed to strengthen the nation's energy infrastructure. Congress should consider creating a National Energy Resources Board, free of political cycles and appointments, the purpose of which is the design and implementation of national energy policy for the next 50 years and the charge of which is "the safe, environmentally conscious, economically viable and market-driven energy security plan for the nation and our future."
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