Jim Inhofe: “today I proudly rise to introduce The Natural Gas Production Act of 2005. One of the challenges facing our economy is…”

“today I proudly rise to introduce The Natural Gas Production Act of 2005. One of the challenges facing our economy is increasing energy prices. Take, for example, natural gas that accounts for 22 percent of American energy consumption. According to the Energy Information Administration, over the next 20 years, U.S. natural gas consumption will increase by over 50 percent. At the same time, U.S. natural gas production will only grow by 14 percent. At a time when natural gas prices are already at an all time high, it is critical that we increase our supply by developing our domestic natural gas. This legislation will provide an incentive to increase the supply of domestically produced natural gas, which in turn will help alleviate high natural gas prices. The Natural Gas Production Act of 2005 will add natural gas produced from formations more than 15,000 feet deep (Deep Gas), to the list of qualifying fuels for the Section 29 non-conventional tax credit. Experts consider deep gas drilling at more than 15,000 feet to be a non-conventional source of energy production. Studies show the resource potential below 15,000 feet for natural gas is great. The Department of Energy's Strategic Center for Natural Gas has estimated there to be 130 trillion cubic feet below 15,000 feet in the lower 48. In comparison, that is equal to the proven and potential reserves on the Alaskan North Slope.…”