Washington, D.C. - As the U.S. Senate moves to consider sweeping energy legislation, Business Roundtable today sent a letter to members of Congress praising the bipartisan approach of the "Gang of 10" package of legislative proposals while outlining objections that make it impossible for the organization to support the legislation.

"While the package is a constructive step forward and represents a serious effort to build consensus, we believe it needs important modifications to effectively address our energy challenges and cannot support it as is," wrote Michael G. Morris, chairman, president and CEO of American Electric Power Company and chairman of Business Roundtable's Sustainable Growth Initiative.

While complimenting the "Gang of 10" proposal for attempting "to strike a balance between increasing domestic energy sources and promoting conservation and efficiency," the letter points to two specific areas of disagreement with the legislation:

• First, the Senate proposal should "go much further to meet America's energy needs" by providing "a broader lifting of the outer continental shelf (OCS) moratorium to allow oil and natural gas leasing in all areas off the Atlantic and Pacific coasts and in the Gulf of Mexico," Morris said. "We also urge Congress to improve access to public lands in the Rockies and in Alaska."

• Secondly, Business Roundtable strongly objects to the Senate's proposal to tax one industry to pay for public investments in advanced energy technologies, saying "it is incumbent on Congress to find broader funding sources for these investments."

"In conclusion, the 'Gang of 10' proposal is a welcome bipartisan effort but should be modified to achieve the right balance between reducing demand and increasing domestic energy supplies," Morris said.

For more information on Business Roundtable's position on the "Gang of 10" proposal, please click here to read its legislative policy statement.

For more information on Business Roundtable's position on energy policy, please click here to view its energy report, More Diverse, More Domestic, More Efficient.