June 29, 2005
WASHINGTON---U.S. Senator James M. Inhofe (R-Okla.), Chairman of the Senate Environment and Public Works Committee, today voted to approve the Senate’s version of a comprehensive energy plan for the nation. The Energy Policy Act of 2005 (H.R. 6) passed the Senate this morning by an 85-12 vote.
“We were able to work many provisions into this bill that will be very helpful to oil producing states like Oklahoma,” Inhofe said. “The deep gas provisions as well as the 100% expensing for refineries have the potential for real benefit to Oklahomans and our nation. I would anticipate that many of the provisions that I oppose will be addressed in conference. This will be a far better bill when it comes out of conference than it is today.
“We’ve been trying to get an energy bill since the Reagan administration. This is a small beginning, but one we can build on. The ultimate goal of energy self-sufficiency will not be achieved with this bill, but it is a start.”
Senator Inhofe worked to include Oklahoma specific provisions in the Energy Policy Act of 2005. Some of those with particular importance to Oklahoma are:
Deep Gas Tax Credit
Expensing for New Refinery Construction