WASHINGTON – U.S. Senator Pete Domenici, ranking member of the Senate Energy and Natural Resources Committee, today released the following statement regarding his plans to offer an offshore production amendment to S.3268, the Reid speculation bill:

“Although I’m perfectly willing to work with Democrats on speculation, it is clear to me—and most economists—that the real reason for the high price of oil is a global supply and demand imbalance. For that reason, I believe that any legislation considered by the Senate should seek to address supply and demand.

"While it is unclear at this point whether the Majority Leader will allow amendments to his bill, it is my intention to introduce an amendment that would seek to lift the moratorium on deep sea exploration. My amendment would allow states to opt into exploration if they choose, providing states with a substantial source of revenue and providing America with much needed domestic oil.

"Since the President has already lifted the Executive Moratorium on offshore exploration, Congress is the last remaining obstacle. I believe the American people want to see the Senate debate and vote on this issue, and as the floor manager for Republicans on this bill, I intend to do everything in my power to make it happen.”