Senator Calls For Freedom From Foreign Oil

By Alexa Gitler
Talk Radio News Service

“Eliminating our dependence on foreign oil would have many, many, benefits,” said Senator Jeff Merkley (D-OR) Monday while speaking at the Center for American Progress. Merkley emphasized the United States' need for comprehensive energy and climate reform that would target the country's dependence on expensive and unstable foreign oil.

The Democratic Senator introduced a prospective, 20 year agenda aimed at ending America’s dependence on foreign oil. Merkely believes his plan would be politically and economically feasible, and environmentally beneficial.

“The plan centers around electric vehicle deployment, which would have a 3.2 million barrels-per-day [reducing] impact, and [reducing] truck fuel economy which would have a significant 2 million barrels-per-day impact,” said Merkley.

New electronic vehicle technology is anticipated to be released in 2011 with the introduction of the new Chevrolet “Volt”, Nissan “Leaf” and the Tesla “Model S Sedan”.

Merkley said that America must require better fuel economy for vehicles. The Senator added that he supports policies to provide consumers with more energy-efficient appliances. As a result, this would help manufacturers save money by improving the efficiency in industrial process.

The development of these new electric vehicles would allow for the creation of more jobs for Americans who are currently unemployed, Merkley said.

“It’s a choice between creating jobs here in America or exporting those jobs over seas," Merkley said. "It’s time to set the goal and it is time to adopt a plan."

Senate Democrats Rail Against Murkowski Resolution

By Linn Grubbstrom
Talk Radio News Service

Before the Senate voted on Sen. Lisa Murkowski's (R-Alaska) Environmental Protection Agency disapproval resolution earlier today, Sens. Jeff Merkley (D-Ore.) and Tom Udall (D-N.M), called for rejecting the measure, which would block the EPA from regulating greenhouse gas emissions.

"A vote for this resolution would force the United States to use another 450 million barrels of oil, most of which would be imported," said Udall. "A vote for this resolution would let special interests continue to profit while Americans pay the prices. And a vote for this resolution would put at risk landscapes and water supplies."

Udall argued that the disaster caused by a massive oil spill almost two months ago in the Gulf of Mexico should be enough of a warning sign to reject the resolution. Merkley added that the only benefactors of the resolution would be large oil companies.

"What benefits Big Oil is not in the interests of the citizens of the United States, not in the interests of the economy of the United States, not in the interests of the national security of the United States," he said.

Senate rules dictate that Murkowski only needs a simple majority of votes to pass her resolution. So far, the Alaska Republican has 40 co-sponsors, including three Democrats -- Sens. Blanche Lincoln (Ark.), Ben Nelson (Neb.) and Mary Landrieu (La.).

Update: Murkowski's resolution was defeated on Thursday by a vote of 47-53.

Senate Democrats Replace Volcker Rule, Confront High Risk Propietary Trading

By Benny Martinez - University of New Mexico / Talk Radio News Service

Senators Carl Levin (D-Mich.) and Jeff Merkley (D-Ore.) announced Monday that they have created an amendment that will replace the Volcker Rule, a provision proposed by former Federal Reserve Chairman Paul Volcker aimed at requiring banks to limit their riskier financial activities, in the Wall Street reform bill.

According to Merkley, the Volcker rule served as a place holder that asked regulators to conduct studies in search of problems in the financial market and would then provide Congress with suggestions on how to fix them, but the Senators’ new amendment would effectively eliminate high-risk proprietary trading, an element included in the language of the Volcker Rule and that lay at the heart of the financial meltdown.

“We are declaring as a Congress that high-risk proprietary trading is inappropriate to have in the same house as a bank holding company and then having the normal partnership with regulators to implement that direction, that direction being carve this off and remove it separately,” Merkley said.

The Democratic duo said that this bill has as many as 17 co-sponsors and is supported by Chairman of the Senate Banking Committee Chris Dodd (D-Conn.) and by the Department of Treasury. Despite the fact that the amendment does not have a single Republican co-sponsor, both Senators are riding the support of Chairman Dodd and said there will be a vote on the Senate floor soon.

“We clearly do expect that that will be the case based on the support of Senator Dodd,” Levin said. “We are confident that this will be voted on and we’re confident that it will have not just Senator Dodd’s support, but with that support, have an extremely good chance of passing.”