U.S. House puts energy at top of budget plan

A budget proposal puts U.S. energy production at the top of the list of ways to generate new revenue, the House Natural Resources Committee chairman said.

House Natural Resources Committee Chairman Doc Hastings, R-Wash, said a budget offered by House Budget Committee Chairman Paul Ryan recognizes U.S. energy reserves as a source of economic stimulus.

"It prioritizes expanded American energy production and recognizes that new energy development is one of the best ways to raise new revenue, put Americans back to work, bolster the economy, lower gasoline prices, and create good-paying jobs," Hastings said.

Ryan, R-Wisc., said his budget proposal would cut $5.1 trillion in government spending. His proposal calls for more competition in the energy sector, fewer corporate subsidies, and a strengthening of U.S. energy security through greater production.

Rep. Chris Van Hollen, D-Md., ranking member of the budget committee, said the Ryan proposal was irresponsible.

"This reckless Republican budget casts a dark shadow over the American Dream," he said in a statement.

Republican leaders are critical of President Obama's energy policies, saying he is blocking new exploration leases and imposing unnecessary bureaucratic regulations.

The U.S. Energy Information Administration said domestic oil production should reach 9.2 million barrels of oil per day, just shy of the highest historical average of 9.6 million bpd set in 1970.