While making clear the administration would not be engaging inany market-rigging through price ceilings or floors, EnergySecretary Bill Richardson said it nevertheless was working onfurther measures to aid the depressed oil and gas industry.

One of the measures could be some form of tax credits,Richardson said, responding to questions at a National Press Clubluncheon last week. But he cautioned the matter is still underdiscussion in the administration. Also, reminding he was from NewMexico and had an understanding of the problems of the oil and gassector, the energy secretary said he would be visiting Oklahoma andother energy states to discuss the situation. The administrationfurther is planning a meeting at the White House with industryrepresentatives “very soon. We’re ready to come up with a plan tohelp, but we will not interfere in oil markets or with oil prices.”Richardson pointed out the administration had already taken someactions to help, such as filling the Strategic Petroleum Reservewith domestic oil and relaxing federal royalties for marginalwells.

The energy secretary also promised a new Energy Department billwould be offered within six weeks to restructure and reform theelectric industry which “will be better policy-wise and get a fewmore votes – that’s not saying much because there weren’t that manyvotes last year.

“I am going to push this bill and I predict that at the end ofthis congressional session we will have an electricity reform bill– a bi-partisan bill,” which will be “more consumer friendly,greener and more competitive.”

The first question out of the box after Richardson’s speech waswhether he would be running for vice president on a Gore ticket orfor governor of New Mexico. And the answer: “I’m happy where I am,”but at the same time “it’s not in my hands.” Richardson, who hasbeen looking more and more like a national candidate recently, saidhe wanted to stay at the Energy Department for awhile since theagency has had several top executives over the last year and”hasn’t shown that much stability.” Richardson himself has had twojobs in the last year, taking over as energy secretary in Augustwhile still holding down the post of U.S. delegate to the UnitedNations. The overlap was due to a congressional flap over theconfirmation of his successor at the U.N.

Ellen Beswick

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