By expanding production offshore and in Alaska, the legislation will produce up to 24 billion barrels of oil--enough to keep America running for five years with no foreign imports. In addition, billions more barrels of fuel would be made available through development of oil shale and coal to liquids technology.

"For years now, I have been trying to develop more domestic production of oil and gas, and for years, with one exception in the Gulf of Mexico, I have been blocked for political reasons. Consumers are now paying the price for those years of obstruction," Domenici said.

"The bill I'm introducing will produce up to 24 billion barrels of oil through common sense measures to open up  areas offshore and in Alaska for exploration. It will also allow us to develop billions more barrels of fuel through oil shale and coal to liquids technology. This measure will go a long way toward helping us break the cycle of dependence on foreign sources of oil," he continued.

Domenici pointed out that had President Clinton not vetoed exploration in the Arctic National Wildlife Refuge (ANWR) in 1995, when oil was $19 a barrel, America would currently be receiving over 1 million barrels a day from Alaska. The amount of oil in ANWR is enough to supply New Mexico for 222 years.

The American Energy Production Act will also lift the one-year moratorium on developing oil shale in Colorado, Wyoming and Utah. OverMore than 2 trillion barrels of oil shale currently exist in those states--three times as much oil as Saudi Arabia has in reserve.

The bill will allow petitions for leasing activities in the Atlantic and Pacific regions of the Outer Continental Shelf in order to tap into the 14 billion barrels of recoverable oil in those areas. Exp-loration will occur off the shore of a state if that state's Governor petitions to have the moratorium on exploration lifted.

"Congress has spent billions to research and develop clean sources of energy. I've been a leader in those efforts and I will continue to be. However, we must face the fact that no matter what we do, America will still need oil, and without action, an increasingly large portion of that oil will come from unstable regions. With gas prices soaring higher and higher, we must produce more at home, and this bill allows us to that in an environmentally responsible manner," Domenici said.

If enacted, the American Energy Production Act will produce up to 24 billion barrels of oil--enough oil to keep America running for 5 years with no foreign imports. And that doesn't include billions more barrels of potential fuel from oil shale and coal to liquids in the bill. By expanding production offshore and in Alaska, and removing obstacles to domestic production in the West, this bill will help us reduce our dependence on foreign oil.

Among the original co-sponsors of the bill are: Senators Mitch McConnell (R-Ky.), Wayne Allard (R-Col.), John Barrasso (R-Wyo.), Robert Bennett (R-Utah), Kit Bond (R-Mo.), Jim Bunning (R-Ky.), Saxby Chambliss (R-Ga.), Thad Cochran (R-Miss.), John Cornyn (R-Texas), Mike Enzi (R-Wyo.), Kay Bailey Hutchison (R-Texas), Jim Inhofe (R-Okla.), Johnny Isakson (R-Ga.), Lisa Murkowski (R-Alaska), Jeff Sessions (R-Ala.), Ted Stevens (R-Alaska), John Thune (R-SD), George Voinovich (R-Ohio), and Roger Wicker (R-Miss.).

Some of the Bill's Highlights include: 

TITLE I - Traditional Resources

Subtitle A: Outer Continental Shelf

Allows petitions for leasing activities in the Atlantic and Pacific regions of the Outer Continental Shelf in order to tap into the 14 billion barrels of known recoverable oil in this area. Excludes the Gulf of Mexico. Allows the Governors of coastal states to submit a petition for a lifting of the moratorium within their state boundaries

Creates a revenue sharing agreement for participating states in which 37.5 percent of revenues will go to new producing states, 12.5 percent to the Land and Water Conservation Fund, and 50 percent to the Federal Treasury.

Subtitle B: Leasing Program for Land Within Coastal Plain

Establishes a competitive oil and gas leasing program for the Arctic National Wildlife Refuge Coastal Plain under the Mineral Leasing Act, providing access to over 10 billion barrels of recoverable oil. Had President Clinton not vetoed ANWR in 1995 (when oil was $19 a barrel), over 1 million barrels of oil per day would be domestically produced today. Tapping into the oil and gas in ANWR will produce hundreds of thousands of jobs and save the U.S. economy nearly $40 billion annually which is now spent to buy oil overseas.

Provides for a 50/50 share of ANWR revenues between the Federal Government and the State of Alaska. Directs that $35 million of the State share be deposited annually into a "Coastal Plain Local Government Impact Aid Assistance Fund" for Alaska communities.

Subtitle C: Permitting

Repeals the $4000 fee for new applications for permits to drill that was established in last year's omnibus Appropriations Bill.

Since no new refineries have been built in the United States in over 30 years, grants the EPA authority to accept consolidated applications for permits required to construct and operate refineries, and authorizes financial assistance to states and Indian tribes for the hiring of personnel to process permits. Establishes a 360 day deadline for the approval or disapproval of consolidated permit applications for new refineries and a 120 day deadline for applications to expand existing refineries.

Subtitle D: Strategic Petroleum Reserve

Suspends filling the Strategic Petroleum Reserve for 180 days.

Subtitle E: Restoration of State Revenue

Repeals a provision in last year's Omnibus which reduced mineral leasing revenue payments to States by 2 percent, and restores the 50/50 Federal-State revenue sharing structure.

TITLE II - ALTERNATIVE FUELS

Subtitle A: Renewable Fuel and Advanced Energy Technology

Amends the Energy Independence and Security Act of 2007 to strike the definition of renewable biomass and replace it with the Senate-passed definition.

Establishes a program of direct loans and grants to accelerate the production of advanced batteries in the United States.

Establishes a research program to determine infrastructure needs for the transport of renewable fuel blends, and directs the Secretary of Energy to consider the compatibility of existing infrastructure with intermediate blends of renewable and petroleum based fuels.

Studies the environmental and efficiency attributes of diesel-fueled vehicles.

Subtitle B: Clean Coal-Derived Fuels for Energy Security

Mandates that 6 billion gallons of coal-derived fuels be produced by 2022, starting at 750 million gallons in 2015 and ramping up by that same amount annually. This will result in a 3.75 percent reduction in the amount of oil America is projected to import in 2022. Requires that CTL fuels produced result in lifecycle greenhouse gas emissions not greater than those associated with gasoline and provides waiver authority based on economic or environmental harm.

Subtitle C: Oil Shale

Over two trillion barrels of oil shale current exist in Colorado, Wyoming and Utah, which can eventually be used to reduce our dependence on foreign oil. Repeals the one year moratorium on funds to complete final regulations for the commercial leasing of oil shale established in last year's Omnibus.

Subtitle D: Department of Defense Facilitation of Secure Domestic Fuel Development

Increases the current allowable contract duration of five years to 25 years for procurement of synthetic fuels by the Department of Defense.

Repeals Section 526 of the Energy Independence and Security Act of 2007, which prohibits federal agencies from procuring alternative fuels with lifecycle greenhouse gas emissions greater than those associated with conventional fuels that they replace. This provision could threaten the ability of our military to reduce its reliance on foreign sources of oil.