Orrin Hatch: “Just this past May, I stood at a gas station in Salt Lake City and announced the introduction of S. 1039, the Gas Price…”

“Just this past May, I stood at a gas station in Salt Lake City and announced the introduction of S. 1039, the Gas Price Reduction Through Increased Refining Capacity Act of 2005. By standing near a gas pump charging $2.25 per gallon, I thought I was making a strong statement about the high price of gas and the need for greater refining capacity in our country. That was only a few months ago, but hurricanes Katrina and Rita have since exposed the vulnerability of our Nation's refining infrastructure, and the gas prices in May now seem like the good old days. I am pleased that the energy bill signed by President Bush this summer included the principal concept of S. 1039--that of providing a strong tax incentive to expand refinery capacity by allowing the cost to be written off immediately. Unfortunately, because of budget restrictions, my legislation had to be cut. I have long been concerned that our shrinking number of refineries and their proximity to our Nation's coasts pose an unacceptable risk to our economic and strategic security. I thought cutting S. 1039 was a mistake at the time, and now I am hoping Congress will remedy that mistake. Today, I rise to reintroduce those portions of my refining capacity legislation that were left out of the energy bill and call upon my colleagues to help me finish what was begun with my original bill.…”