White House hopeful Mitt Romney will unveil an energy plan Thursday that would empower U.S. states to control drilling on federal lands.
White House hopeful Mitt Romney will unveil an energy plan Thursday that
would empower
U.S.
states to control drilling on federal lands.
The proposal, which repeats Mr. Romney's call for energy independence by 2020,
envisions "aggressively" opening new offshore areas for drilling,
beginning with waters off the coasts of
Virginia
and
the
Carolinas
, streamlining the regulatory approval process and
revitalizing nuclear power.
"Romney's path forward would establish
America
as an
energy superpower in the 21st century," according to the 21-page paper
released late Wednesday that cites dozens of research reports and analysis by
firms including CitiBank and Raymond James.
Mr. Romney routinely accuses President Barack Obama, his rival in the Nov. 6
election, of stifling
U.S.
energy production through excessive regulation, overly burdensome environmental
restrictions and limits on energy exploration, including drilling offshore and
on federal lands.
Mr. Romney was set to formally unveil the plan, which includes approving the
long-delayed Keystone XL pipeline to carry oil from
Canada
to
U.S.
refineries, at a campaign stop in
Hobbs
,
New
Mexico
.
The two candidates have made their respective energy cases recently as they
campaigned in battleground states such as
Ohio
,
where Mr. Romney touted clean coal as an arrow in his energy quiver.
In
Iowa
,
President Obama pointed to the Midwestern state's thousands of wind turbines as
part of successful efforts to harness wind energy.
Mr. Romney has complained bitterly about what he describes as the Obama
administration's failure to keep up with technological advances in the private
sector or to streamline the permitting process.
"In the midst of the energy revolution taking place on state and
privately-held lands across
America
, oil
and gas production on federal lands somehow plummeted last year," his plan
said, adding that Obama has moved to shut down oil, gas and coal production
"in pursuit of his own alternative energy agenda."
A Romney administration would seek such newer energy sources including biofuels
and solar, but also turn back to hydropower, clean coal and nuclear energy.
"His approach would be to break down the barriers that stand in the way of
these technologies," Mr. Romney's domestic policy director, Oren Cass,
told reporters.
"The challenge in getting there is not about the resources we have, it's
not about the technology we have; it's about the government that we have."
One of the new proposals would allow states to control energy development on
federal lands within their borders, a move Mr. Romney says would open new areas
to energy development, and speed up permit approvals for new energy projects.
The plan is certain to be controversial with environmental groups eager to
preserve protected areas, and the Romney campaign did include a statement in
its proposal excluding "lands specially designated off-limits."
But it's clear in its intent to launch an economic boon.
"The lease payments, royalties and taxes paid to the American people in
return for the development of the nation's resources can yield literally
trillions of dollars in new government revenue," the white paper said.
It cited a report by the conservative Manhattan Institute think tank that
predicted an expanded hydrocarbon plan over the next two decades could generate
"$1-$2 trillion in tax receipts to federal and local governments."
Mr. Romney's six-point agenda, which includes pursuing a North America energy
partnership with Canada and Mexico, aims to create more than three million new
jobs, add more than $500 billion to GDP and lower energy costs for business and
families.
Big oil is keen on a Romney presidency. He has long pushed for an expansion of
exploration and drilling and an easing of industry regulations that he says
restrict corporations and stunt job growth.
Mr. Romney raised as much as $7 million in a single day of fundraising Tuesday
at two events in
Texas
, home
of the
U.S.
oil
industry.
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