With the average gas price in Illinois already exceeding $4 per gallon and still rising, lawmakers are under increased pressure to look for ways to cut the escalating prices.
Right now, says Illinois U.S. Senator Mark Kirk, overseas conflicts like those in Libya are affecting the stability of gas prices. The prices are being artificially inflated because of limitations and uncertainties in the supply.
The Senator says that tapping into natural gas supplies could deliver the quick drop in prices that consumers are craving. He recommends federal officials explore the supplies from the New Albany shale in the Illinois basin.
Kirk also says that permanent tax credits for the production of renewable energy would be beneficial. Currently, tax credits for wind and solar power are set to expire between next year and 2013.
Kirk, however, could not elaborate on how soon these measures would provide relief for consumers, or by how much these measures would affect the energy markets.
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#fracking Kirk says New Albany Shale Basin in IL needs to be further explored for fracking – http://chicagopressrelease.com/?p=89287
Kirk describes options for slashing gas prices http://ilne.ws/gH8zLw