WASHINGTON, DC - U.S. Senator Kit Bond today joined his Republican colleagues in introducing legislation that will lower gas prices for families and workers suffering from record pain at the pump.
“Families and workers are suffering from record pain at the pump - they need Congress to act now with comprehensive relief,” said Bond. “We need to stop saying ‘no we can’t’ to providing American consumers with new oil supplies and ‘yes we can’ to taking real action on our gas price crisis.”
Bond joined 43 Senators in introducing the Gas Price Reduction Act of 2008 that will lower gas prices by:
· Increasing the domestic supply of oil from offshore and oil shale;
· Putting more cops on the beat to go after excessive oil speculation;
· Decreasing oil demand through cheaper and better hybrid car batteries - this will also create new U.S. manufacturing jobs.
Bond stressed that this bill omits controversial proposals in hopes of finding common ground with Democrats to increase energy supplies the American people deserve. Bond noted that proposals that neither reduce demand nor increase supply were also left off the bill including:
- Allowing lawsuits against OPEC countries - this would only lead to OPEC countries selling their oil elsewhere, limiting supplies and hurting consumers;
- Raising taxes on oil producers - raising taxes has never produced more of anything or lowered its prices. Past tax increases on domestic production resulted in less tax revenue, less domestic oil production, and a greater dependency on foreign sources of oil;
- Restricting leases - arguments that current leases are going unused and thus opening additional areas is not needed ignores the fact that leases do not guarantee the presence of oil, they are only permission to explore for oil - areas not producing oil either turned out not contain oil, the oil is too hard to reach, or production is on the way.
Bond emphasized that the current problem with high gas prices is a problem of supply and demand. Strategies emphasizing only demand such as new CAFE auto efficiency rules have not prevented the record rise in gas prices. New supplies combined with common sense conservation measure are needed to bring prices down.
“Demand-only strategies will force American consumers to suffer through years more of record gas prices. The American people deserve more from their government, they deserve action now,” said Bond.