Effectively, what happened then was a year of good, strong committee work by the Energy Committee is now being held hostage in a fight in another com… - Lisa Murkowski

So the question, I think, is a fair one for us to ask, to discuss here. It is an important question. What happens if we just decide we are going to turn our backs on this, our American energy? What happens if we really do move in this direction of just keeping it in the ground? What happens if we really do close our eyes to our domestic energy sources, these assets, if we close our eyes to the contributions that they provide? I will suggest to you that there are a few warning signs that we have up on the horizon. Oil prices are back up above $60 a barrel. This actually helps my State; I will be honest there. We will accept that for budgetary purposes. But we all talk about what happens typically around Memorial Day. We have driving season coming on. We are still in the midst of a pandemic. But if the United States artificially restricts its supplies and demand rebounds rapidly, where does this put us?

I think we recognize that current low prices are good for us. We are seeing our families pay less and, thus, they can devote to other priorities. The underlying message here is the energy industry is an important component to how we move to this phase of economic recovery. What can we do to help this industry and, thus, the broader economy recovery? It was interesting because we had a panel of five witnesses before us. Several of those witnesses all pointed to the same piece of legislation as one of the answers as to how we can help the economy recover, and that is a bill that those of us on the Energy and Natural Resources Committee developed throughout last year. We called it the American Energy Innovation Act. We refer to it as our energy bill. It will ensure that the United States remains a global energy leader while strengthening our national security, investing in clean technologies, and securing our Nation's supply chain.

As you may recall, we had the American Energy Innovation Act on the Senate floor at the end of February just before the pandemic took hold. Again, I mentioned the collaborative process that went into building that bill. We spent a lot of time in the Energy Committee working through a lot of the issues that had some conflict and to reduce that conflict so we could get a good, strong bipartisan product. As a consequence, we have a bill that contains the priorities for more than 70 Senators. It is supported by more than 200 organizations. We incorporated 18 amendments on the floor working through that process. The Senate ultimately denied cloture on March 9. This was just before the shelter in place and the work from home orders began. We hit a wall there. The unfortunate reality is we hit that wall. We were derailed with this important legislative effort not because of an impasse that we had with the contents of our bill, but it was an unrelated dispute from another committee. It was not something that, as chairman, I could have anticipated. There was no warning that it was going to be an issue for our bill. In fairness, we didn't have any power as the Energy and Natural Resources Committee to work it out for this other committee. We were hamstrung by it.