Allard Addresses Dramatic Increases in Energy Costs

Washington, D.C. - U.S. Sen. Wayne Allard (R-Colo.), took to the floor of the Senate today to address the soaring cost of energy. The founder of the Senate Renewable Energy Caucus, Allard pointed out the impact of energy prices on the American public and the failure of the Democratic leadership in Congress to provide relief. A portion of Allard’s comments are below:

“The price of gas sets new highs almost every day and the price of oil continues to climb,” said Allard in his speech. “And in the face of this the Democrats in this body think that the proper response is to increase taxes and regulations on the energy industry.

“It reminds me of a saying from the Reagan era: if it moves tax it, if it keeps moving regulate it, and if it stops moving subsidize it. The bill the Democrats are trying to force on the American people would do at least two of those things. Increasing taxes and regulations does nothing to bring down the increases in fixed costs that result from high energy prices.

“Americans are feeling pain at the pump due to high gas prices, but increasingly they are feeling pain at the kitchen table too. As gas prices go up so do food prices. America’s farmers and ranchers produce the safest and most affordable food in the world. But rising energy prices have affected almost every level of agriculture. It has caused the cost of everything from fertilizer processing to increase. The high price of diesel and other types of energy are forcing up production costs, which also forces up food prices.

“Republicans in this body have legislation that will increase domestic production of energy. We are ready to talk about energy prices. We are ready to talk about gas prices. That is what we are here today doing. We want to help Americans alleviate the pain they are feeling at the pump by increasing production. The laws of supply and demand dictate that increasing supply will work to drive down prices. Increased taxation simply suppresses supply, which in turn leads to even higher prices. We should not act on a bill that will decrease domestic production by imposing increased taxes.”