A House committee Tuesday dusted off an energy bill that backers say will boost U.S. oil and natural gas production but critics deride as a bonanza for oil companies with no immediate relief for consumer pocketbooks.
Republican lawmakers hope red-hot U.S. crude oil prices and record-high U.S. gasoline prices will give momentum to a broad energy bill packed with incentives to increase domestic supplies of oil, natural gas, coal, nuclear and renewable energy.
Rep. Joe Barton of Texas, chairman of the House Energy Committee, said he wants to finish panel talks by next week on a bill that would boost domestic oil and natural gas and reduce U.S. dependence on foreign suppliers. The committee was scheduled to meet again Wednesday for bill-writing.
Democrats criticized Barton's draft version as a give-away for oil companies that offers no short-term help for Americans facing U.S. crude oil prices near $60 per barrel and retail gasoline prices above $2 a gallon.
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