After a little more than a month away, Congress returns this week to begin a three week sprint to adjournment.  Before the Congress can adjourn for the election season there is a lot of work left to be accomplished.  First, in some form or another, the Congress has to fund the continued operations of the Federal government beyond the end of September.  With no appropriations bill as yet signed into law, expect the Congress to achieve this goal by passing a “continuing resolution” which will keep the spending parameters established for FY08 for the remainder of the calendar year.

It is expected that the House of Representatives will take up an energy bill later this week.  Included within that bill will be the Democrats’ answer to the “Drill Baby, Drill” chants of last week’s Republican Convention.  It is expected that the bill will contain a limited opening of off shore exploration in the eastern Gulf of Mexico and off the coasts of Georgia, the Carolinas and Virginia provided the states “opt in” to the exploration.  It will also contain a renewable portfolio standard for utilities, a move likely to be opposed by Southeastern members of Congress.  Word is that the bill might also contain rescissions of favorable tax treatment of oil companies, loan guarantees to struggling auto makers, and incentives for renewables and natural gas vehicles.

In the Committees, the hearing schedule is a little slower this week.  The Senate Environment and Public Works Committee will have a hearing on the environmental dangers of bottled water, in particular the plastic water bottles, on Wednesday.  No witnesses have been announced.  The Select Committee on Global Warming will hold a hearing on climate change research and development on Wednesday, no witnesses have been announced either.

The week wraps up with a hearing on energy and agriculture commodity markets on Thursday in the House Agriculture Committee.  The hearing will focus on the upswing in energy and food prices and whether they were related in any way.  The Committees will examine whether legislation can help to strengthen the Commodity Futures Trading Commission to keep prices low.  No witnesses have yet been announced.

For further information about this topic, please contact Akin Gump.