Jeff Bingaman: “It also requires that the Department report extensively to Congress on how the program is going. None of these…”

“It also requires that the Department report extensively to Congress on how the program is going. None of these requirements exist in current law. The royalty-in-kind provision in the Interior appropriations bill does not have these protections. This very bill we are getting ready to vote on in the next few days, the Interior appropriations bill, does grant authority to the Department to take the Federal Government's royalty in kind, but it does not have the protections that are in the amendment the Senator from Alaska and I are cosponsoring. While 1 year is better than nothing, which is the Interior appropriations language--the Department clearly supports that provision in the Interior appropriations bill--a 5-year authorization gives the agency enough time to actually enter into contracts it would need to seriously test the workability of this program. I wanted to clarify my own views at least as to what this provision would do. The Energy Policy and Conservation Act is important legislation. I hope we can resolve this dispute and get the legislation up for consideration in this Congress. I do support the royalty-in-kind provision the Senator from Alaska and I have cosponsored. It will be beneficial to the Government--not to the oil industry but to the Government. It would be a win/win situation, and I do not see it as in any way breaking faith with the American taxpayer. It would be good public policy for us to go ahead with this.”