Gas Prices Relief Act of 2022

Reserving my right to object, let me begin by saying my friends and colleagues across the aisle are right about one thing: Gas prices are incredibly higher right now in this country.

The effort to blame this on what has happened in Ukraine, however, overlooks the real cause of the phenomenal rise in gas prices that we have seen for a year before Putin even invaded. Definitely, the invasion did increase pressure on gas prices, but the problem is that this administration's policies have dramatically reduced the supply in the United States and Americans across this country know how supply and demand impacts price.

The gas tax holiday that is now being proposed is not a solution; it is a political gimmick that would not stop skyrocketing gas prices or inflation. In fact, Larry Summers said in a Wall Street Journal podcast:

I think a gas tax idea is saved only by its triviality from

being one of the worst public policy ideas of the decade. It

will have little effect over any reasonable horizon on gas

prices. It will be counterproductive from an environmental

point of view. It is the ultimate policy gimmick.

Rather than accept responsibility for 14 months of reckless spending or the more than 40-percent increase in gas prices that had already occurred before the Russian invasion, Democrats want to blame higher gas prices on the Russian invasion or corporate greed. They also want to ignore the consequences of their relentless attacks on the American oil and gas industry, the administration's overly bureaucratic permit and regulatory process for domestic energy production, and the misguided policy decisions like canceling the Keystone XL Pipeline.

The solution to rising gas prices is not a tax holiday, which would offer little relief but threaten infrastructure investments and worsen our national debt situation; nor is the solution a tax on American companies who increase their production of oil and gas to try to help us become more energy independent; nor is it stimulus checks, which have the potential, as the past ones have, to increase gas prices even further and push inflation even higher; nor is it to encourage other hostile regimes to produce more oil.

The only lasting solution to our current problems is to bolster American oil and gas production to replace not only Russian imports but to facilitate exports to support our allies and end their dependence on Russia. Indeed, I, along with a number of my Republican colleagues, have sponsored proposals to enhance energy independence and undo many of President Biden's misguided energy policies.

Republicans believe we can and should be doing more to unleash America's domestic energy potential, reduce reliance on volatile foreign actors like Russia, and deliver cost savings to middle-class families across the country. Hard-working American families need real relief, not political gimmicks, and that is why I oppose this gas tax holiday.

I urge my Democratic colleagues to abandon the reckless spending-and- tax policies that have already failed but which seem to be contemplated in the President's newly reintroduced budget and support proposals that will actually lower prices for everyday Americans. For those reasons, I object.

Mr. President, while we all gather to acknowledge this historic day and prepare to vote to--in my case, at least--confirm Judge Jackson, I rise to bring up another issue. I rise today to urge my colleagues to pass into law commonsense legislation to bring down oil and gas costs for Americans.

As many of my colleagues have discussed on this floor, Americans across the country, including in my State of New Hampshire, are facing higher costs from the grocery store to the gas pump. As we work together to build a stronger, more resilient economy that strengthens our supply chains and invests in American manufacturing, we must also bring relief to American families right now, an issue that has become even more urgent in the wake of Russia's invasion of Ukraine, which has sent gas prices soaring.

As we continue to counter Putin's aggression and inflationary challenges facing our economy, we have an obligation to work together to bring down costs.

That is why I am working to hold Big Oil accountable for profiting off of the pain that Americans are experiencing at the pump. That is why I pushed the administration to release oil from the Strategic Petroleum Reserve, an action I was glad to see the administration take, again, just last week. As we look at all options to bring down costs, one clear way to provide immediate relief is by suspending the gas tax for the remainder of this year.

Earlier this year, my colleagues and I introduced a bill to do exactly that. The Gas Prices Relief Act will temporarily suspend the Federal gas tax through the end of the year, helping bring economic relief to families.

As in legislative session, I ask unanimous consent that the Finance Committee be discharged and the Senate proceed to the immediate consideration of S. 3609; that the bill be considered read a third time and passed and that the motions to reconsider be considered made and laid upon the table.

Before I wrap up, I just want to point out what you just heard--what the American people have just heard--is talking points straight out of Big Oil's playbook.

A gas tax holiday is a commonsense solution that would provide immediate relief for Granite Staters and Americans all over the country. Big Oil holds thousands of unused permits at their fingertips that they could use right now to increase supply. Instead, what is happening is Big Oil is padding its pockets at the expense of Americans.

Let's be clear. This would not take a dime out of the highway trust fund because this bill instructs Treasury to replenish the trust fund, something it has done half a dozen times in about the last decade. This is something that has bipartisan support across the country--Democratic and Republican Governors, Democratic and Republican legislators are moving to suspend their gas taxes. This is something we could do right now to help American families balance their budgets and make ends meet.

While I am disappointed to see my colleague block this critical legislation, I will keep working to bring down costs for American families and get this bill passed.