Energy legislation proposed by the House Republican leadership Wednesday has come under attack by chemical producers for its failure to include anything that would increase natural gas supply and moderate prices.

The legislation, unveiled by House Speaker Dennis Hastert (R-IL), mainly responds to the public’s rising sentiment against high gasoline prices and could come to the House floor for a vote as early as next week, along with a bill seeking to open up the Arctic National Wildlife Refuge (ANWR) to oil and gas exploration and production.

“The proposal as it stands neglects one of the nation’s most important issues — the natural gas crisis that has been crippling America’s manufacturing economy, exporting millions of jobs and causing hardship for consumers, small businesses, schools and hospitals across the country,” the Arlington, VA-based American Chemistry Council (ACC) said Thursday.

Natural gas legislation that would open up new domestic gas fronts for producers is “essential ‘unfinished business’ for the country and the Congress,” the chemical producers said. “High gasoline prices are certainly causing pain at the pump, but a six-year crisis in natural gas markets acts as a hidden tax that is exacting a far greater toll on the nation’s economy and is causing far greater job loss in America’s manufacturing industries.”

At its worst, at the end of 2005, the price of U.S. natural gas topped $15/MMBtu, a cost equivalent of $7.70 per gallon of gasoline, the ACC estimated. The average price of domestic natural gas last year was $9/MMBtu, equivalent to $4.62 a gallon of gasoline. The nation’s natural gas bill has increased by more than $425 billion since the start of the decade — a hidden tax of more than $3,000 for every taxpayer in the United States, according to the ACC.

“Congress cannot let another year go by without passing legislation that increases access to America’s own abundant supply of natural gas. We strongly urge Congress to include natural gas supply legislation in its energy package.”

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