The American Energy Production Act of 2008 addresses America's soaring gasoline prices by focusing on solutions that will increase domestic oil and gas production now and in the future.
The bill contains a provision to open Alaska's Arctic Coastal Plain to environmentally-sensitive oil and gas development, including no more than 2,000 acres of physical disturbance to the Arctic National Wildlife Refuge.
The legislation also provides for increased oil and gas development on the Outer Continental Shelf, provides for federal revenue sharing with states for permit leasing and encourages environmentally sensitive coal to liquid development. The bill will produce up to 24 billion barrels of new oil in America.
"Our country has the resources to produce more oil and gas," Murkowski said. "We just need the policies that will allow us to develop those resources. We have the technology to not only safeguard the environment while developing resources, but also to safeguard Americans' bank accounts at a time when they are struggling to meet rising energy costs.