Progress on a national energy policy may be ahead as House Speaker Nancy Pelosi told Larry King Monday that she is willing to bring off-shore drilling to the floor of the House. Congressman Lee Terry told us, myths about how long off-shore drilling would take to effect energy prices aren’t true.”They could be extracting oil within two years and lifting the ban in the western states, they could start that tomorrow so that’s a falicy, that’s part of the myth that is thrown out there and adopted as fact.”
Terry also says that Senator Barrack Obama’s proposal of a tax on windfall profits for Big Oil companies would be useless because the tax would eventually come back the consumer.
Terry dismissed the idea that the country to benefit from a national gas tax holiday, saying the focus should be on a more permanent fix, such as off-shore drilling. He says progress is being made on developing a national energy policy. He points to comments made by Speaker Nancy Pelosi Monday that she is willing to bring a bill on off-shore drilling to the floor of the House.