Following almost 4 years of Congressional debate, a new comprehensive national energy policy, the Energy Policy Act of 2005 was passed by the United States Congress at the end of July and was signed into law by President George W. Bush on Aug. 8, 2005. This legislation was a priority for President Bush who had been asking Congress for new energy policy from the beginning of his administration in 2001. The emergence of the new energy policy will have a significant impact on the future of domestic oil and gas production in the United States. New incentives designed to help promote new domestic production and create paths toward greater energy independence through energy conservation are among but a few of the steps set forth in the act. Peering into this new domestic energy policy, there are a few specific provisions related to oil and gas production and product distribution and refining that will likely have a significant impact on industry.
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