George H.W. Bush: “Action on Energy Legislation May 27, 1992 The President is pleased that the House of Representatives, in passing H.R.…”

“Action on Energy Legislation May 27, 1992 The President is pleased that the House of Representatives, in passing H.R. 776, today made progress toward adopting a sound national energy strategy. This legislation implements several key elements of the national energy strategy the President presented to Congress in 1991. It promotes energy efficiency and increases the use of renewable and alternative energy while providing much needed alternative minimum tax relief for independent oil and gas producers. This bill would also foster competition in wholesale electricity markets, reform the regulation of natural gas pipelines, and streamline the nuclear powerplant licensing process. Although pleased with the progress, the President noted that the House bill needlessly locks up some of America's best prospects for domestic oil and natural gas production and restricts State prorationing authority, thereby interfering with the ability of States to properly regulate production of their own gas resources. While there is much work to be done, the President believes this bill forms a welcome bipartisan basis for moving to conference.”