Rapidly Rising Gas Prices
Mr. Speaker, I rise today to urge my colleagues to join together to immediately address one of the greatest problems facing our families and small business right now; that is, rapidly rising gas prices. As I traveled across Rhode Island…
Mr. Speaker, I rise today to urge my colleagues to join together to immediately address one of the greatest problems facing our families and small business right now; that is, rapidly rising gas prices.
As I traveled across Rhode Island during the district work period, the issue of high gas prices was never far from anyone's mind. It affects every family's bottom line and the budgets of small businesses that are still recovering from the recession.
As our fragile economy continues, it is imperative that we work to find solutions in the short term as we turn our attention towards a serious, long-term solution to reduce our demand for oil. Our Nation simply cannot have low gas prices without reducing the amount of oil that we use.
We remain in constant competition right now with India, China, and other developing Nations, and the world does not have the resources to continue to supply us all with cheap oil, especially
with disruptions in the Middle East that continue to affect production.
I supported the American Clean Energy and Security Act last session because it took steps to immediately reduce demand through improved vehicle fuel economy standards and energy efficient technology in our buildings and homes, while investing in clean energy, including an increased commitment to the research and development of offshore wind.
We should put our money behind those efforts instead of giving billions of dollars in tax breaks each year to oil companies. As we just recently heard, ExxonMobil just reported first quarter earnings of $11 billion, a nearly 70 percent increase, with other oil companies following closely behind. Mr. Speaker, let's eliminate subsidies for these big corporations that don't need our help.
In the short term, Congress must partner with President Obama and support Attorney General Holder's efforts to monitor oil and gas markets and safeguard consumers against unlawful practices. We also need stricter guidelines for speculators and getting speculators out of the market. We need guidelines for people who buy oil just to sell it at a profit, perhaps by allowing people to buy oil on the market only if they can actually receive product.
Additionally, I urge my colleagues to pressure oil companies to drill on domestic lands where they already have existing leases. The industry right now is drilling on less than a quarter of the 80 million acres where it already has leases approved. While this is not a long-term solution, we need responsible drilling on lands where there are existing leases. Now, this is, I believe, a faster, fairer, and safer path to more domestic production, unlike legislation on the floor this week which will put oil rig workers and the environment at risk by expediting critical safety reviews.
None of this, of course, lessens the urgency of switching to alternative fuels.
The U.S. has only 1.4 percent of the world's proven oil reserves but currently consumes 22 percent of the world's oil.
In the long run, we will remain susceptible to repeats of the current crisis unless we take every opportunity to decrease our dependence on oil. Now I want to highlight one important initiative in my State that involves public transportation. The Rhode Island Public Transit Authority acquired just recently 53 new hybrid buses and is upgrading 10 trolleys to hybrid propulsion, and we should encourage others to follow their lead. RIPTA expects that their new hybrid fleet will save them approximately 20 percent on fuel usage, which will help prevent price increases and route closures.
We should build on the success in Rhode Island nationally by requiring specific hybrid and fuel efficiency standards for any vehicles involved in Federal grant programs. Complicated problems, like the price of gasoline, often require difficult solutions. But we cannot let this prevent us from moving forward and delivering to our constituents who cannot afford these costs or a slowed economic recovery. Mr. Speaker, I urge my colleagues to work together to enact short-term provisions and long-term solutions to bring relief to working families and small business.