Gulf Energy Act Is a First Step, Not a Cure-All

The Gulf of Mexico Energy Security Act, a bill written by my friend and colleague Sen. Pete Domenici, R-N.M., presents us with a unique opportunity to put a modest amount of new energy back into the pipeline, while establishing a fair and equitable precedent of revenue sharing that we're hopeful can serve as a durable template among other states along the coast.

Make no mistake: The challenges American energy users face today are profound, and the consequences we face as a result of a continued delinquency by Congress in crafting a comprehensive, production-based energy bill are severe. This bill does not represent the answer to all our problems. It does not put us on equal footing with our international competitors - countries like China, India, and Russia who have been producing energy offshore for generations. But it does establish a worthwhile precedent - and it does put additional supplies of essential energy online. And because of that, it will receive my support on the House floor this afternoon.