This plan was to release oil reserves from the Strategic Petroleum Reserve at 500,000 barrels per day to help relieve demand pressure at the nations refineries and thus lower prices at the pump.  That policy failed by the fact that demand has far outstripped supply and the increases in taxes against the oil industries over the past few years, are immediately passed on to consumers at the pump.  Senator McConnell calls instead for the opening of the outer continental shelf (OCS) as well as the 10-02 Area of ANWR which both have known vast amounts of oil and gas reserves that are off limits to exploration due to Congressionally imposed bans.  Decreasing supply when demand is going through the roof, McConnell argues, is a sure way to raise the price not lower it.  Senator McConnell in his Senate floor introduction stated the well known fact that had then President Clinton not vetoed successful ANWR legislation in 1995 we would currently be producing over 1 million barrels of oil a day from the 10-02 Area. 

With Senator McConnell’s bill it brings a total of 3 bills currently pending in Congress on the ANWR issue.  Senator Murkowski’s (R-AK) Senate bill The American Energy Independence Security Act S.2758 and Representative Ross (D-AR) and Nunes’ (R-CA) bill in the House HR. 5437 The American Made Energy Act, both calling for the opening of the 10-02 Area of ANWR.  Pressure has been building on politicians on Capitol Hill to address the skyrocketing price of oil and food which an influx of ANWR oil will do. 

ANWR oil is predicted to increase American production by over 1 million barrels per day which at +$100 per barrel prices is a tremendous savings to our national debt and boost to our economy.  This will be compounded by the hundreds of thousands of jobs that will be created nationwide from production in the 10-02 and also the up to $280 billion in tax royalties the Federal Government would gain from production. It will be interesting to see how the Democratic leadership in control of the House and Senate deals with these three strong solutions to our growing energy crisis.  Certainly the basic economics on the issue is clear.  Locking up resources produces a scarcity of supply.  An increasing population and growing economy produces spikes in demand.  The two are an explosive mixture to peaking prices when demand outstrips supply as it is currently doing.

You can read more about S. The American Energy Production Act at the Senate leaders web site below: 

http://mcconnell.senate.gov/record.cfm?id=296692&start=1