Rising Gas & Energy Prices
In recent months, the price of oil has continued to skyrocket. American families feel the pinch of rising oil prices everywhere from the gas pump to the kitchen table and need relief. The New Direction Congress has been working on behalf of America’s families and businesses to lower energy costs for the American consumer, increase energy independence, enhance our national security, and reduce global warming.
On September 16, the House passed the Comprehensive American Energy Security and Consumer Protection Act, H.R. 6899. The legislation is a bold step forward, helping end our dependence on foreign oil and increase our national security. It launches a clean renewable energy future that creates new American jobs, expands domestic energy supply--including new offshore drilling, and invents and builds more efficient vehicles, buildings, homes, and infrastructure. It will lower costs to consumers and protect the interests of taxpayers. It is a comprehensive strategy, and the product of bipartisan compromise. It offers Republicans who want a comprehensive approach the choice to make sure Big Oil pays its fair share.
Learn more>>
See for yourself how the Comprehensive Energy Security and Consumer Protection Act and the Boehner Energy Plan compare>>
Fact Checking the GOP on Energy and Gas Prices
Setting the Record Straight on Republican False Claims on Energy
Republicans falsely claim that drilling in protected areas will provide immediate relief to America’s consumers. The Republican plan to drill on protected lands will result in only a 2 cents savings more than 10 years from now.
8/6/2008
Top Ten Questions for the House GOP on Energy
As a small band of House Republicans remain on the House floor to call for “drill only” legislation that would not bring immediate relief to consumers, their constituents deserve to know why their representatives in Congress have failed to support serious, responsible proposals put forward by the New Direction Congress. Americans have a right to know if House Republicans will reverse their opposition to these proposals; will Senate Republicans, including Senator McCain, stop blocking these bills; and will the President sign them?
8/6/2008
The GOP Energy Plan: 'None of the Above'
Republicans may talk a good game, but their actions speak louder than words. Republicans have voted against the critical solutions that must be part of a comprehensive New Direction for Energy Independence. They voted against renewable energy and conservation, responsible domestic oil production, short-term measures to bring down prices now and punish those who are manipulating the oil market, and new requirements that oil companies pay their fair share.
7/30/2008
Setting the Record Straight on Bush: The Facts About the Bush/GOP 'Drill Only' Policy
Let's be clear: Republicans are picking a political fight, not a policy fight
7/30/08
Setting the Record Straight
How Republican Leadership Has Voted On Key Energy Legislation
7/25/08
The GOP Energy Plan: 'All Too Familiar'
Eight months after the Democratic-led New Direction Congress led the enactment of a landmark new energy policy for our country, House Republicans are now releasing an energy plan that largely rehashes failed ideas on domestic drilling or proposes ideas that they have repeatedly blocked in the past.
7/23/08
Consumer Energy Supply Act (H.R. 6578)
To combat record gas prices at $4.03 a gallon, on July 24 the House voted on the Consumer Energy Supply Act, H.R. 6578, to temporarily release nearly 10 percent of the oil from the government’s stockpile (known as the Strategic Petroleum Reserve (SPR)), and replace it later with heavier, cheaper crude oil. This could bring gas prices down, strengthen our national security, and be a good deal for the American taxpayer. The measure received strong majority support with a vote of 268 to 157, but failed to receive the two-thirds necessary to pass under suspension of the rules.
Learn more about the Consumer Energy Supply Act>>
Drill Responsibly in Leased Lands (DRILL) Act (H.R. 6515)
On July 17, the House voted on the Drill Responsibly in Leased Lands (DRILL) Act, H.R. 6515, a bill to promote the responsible domestic production of oil and natural gas, particularly in 20 million acres of the National Petroleum Reserve-Alaska. While 244 Members voted for the bill, it failed to get the two-thirds support necessary for passage.
There are 68 million acres of federal land already leased by oil companies for energy production now but sitting idle. That’s 75% of leased lands, sitting idle. Oil companies should drill what they have leased—and lease lands already open for drilling first. But instead, President Bush and Congressional Republicans want to make this a fight about our beaches and our threatened wilderness areas, in an apparent attempt to help the oil companies lock up more public lands before he leaves office.
Learn more about the DRILL Act>>
Reducing Transit Fares (H.R. 6052)
On June 26, the House passed the Saving Energy Through Public Transporation Act, which gives grants to mass transit authorities to lower fares for commuters pinched at the pump and expand transit services.
Learn more about the Saving Energy Through Public Transportation Act>>
Energy Markets Emergency Act (H.R. 6377)
On June 26, the House passed the Energy Markets Emergency Act, which would take crucial steps to curb excessive speculation in the energy futures markets by directing the CFTC to:
- Use all its authority, including its emergency powers, immediately to curb the role of excessive speculation in any contract market trading energy futures or swaps, and
- Use its most potent emergency tools -- including the immediate powers to set new position limits (size of the stake that each speculative investor can hold in a given market), increase margin requirements (the money needed to trade), and impose other corrective actions as necessary -- to eliminate excessive speculation, price distortion, sudden or unreasonable fluctuations, or unwarranted changes in the price of energy commodities or other unlawful activity causing major market disturbances that prevent the market from accurately reflecting the forces of supply and demand for energy commodities.
Learn more about the Energy Markets Emergency Act>>
Farm Bill with Historic Investment in Affordable Biofuels and Beefed Up Oversight on Market Manipulation (HR 2419)
On May 21, the House overrode the President's veto of the farm bill. The farm bill will better reflect our values, strengthening American agriculture to meet the 21st Century needs of the United States and the world with a safe, stable food supply. The bill makes an historic investment in affordable biofuels and increases oversight on market manipulation.
Learn more about the Farm Bill>>
Renewable Energy and Jobs Act (HR 6049)
On May 21, the House passed legislation (H.R. 6049) to extend and expand tax incentives for renewable energy, retain and create hundreds of thousands of green jobs, spur American innovation and business investment, cut taxes for millions of Americans, and close loopholes allowing U.S. corporations and executives to avoid U.S. taxes by shipping jobs and investment overseas. The President has threatened to veto this bill.
Learn more about the Renewable Energy and Jobs Act>>
Gas Price Relief for Consumers Act, Holding OPEC and Oil Companies Accountable for Price Fixing (HR 6074)
On May 20, the House passed the Gas Price Relief for Consumers Act, H.R. 6074. The bill authorizes the Justice Department to take legal action against OPEC state-controlled entities that participate in conspiracies to limit the supply, or fix the price, of oil. This bill will combat record gas prices, which on May 19 climbed to $3.79 a gallon.
This bill makes clear that OPEC and other nations are not covered by the Foreign Sovereign Immunities Act when acting in a commercial capacity and are engaged in price-fixing and other anticompetitive activities. It authorizes lawsuits in U.S. federal court against oil cartel members by the Justice Department.
Learn more about the Gas Price Relief for Consumers Act>>
Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act (HR 6022)
In April, Speaker Pelosi called on President Bush to suspend purchases of oil for the Strategic Petroleum Reserve (SPR) temporarily. Filling the SPR takes 70,000 barrels of oil off the market each day, even though the reserve is 97 percent full with enough to meet our national security needs. Suspending these government purchases, as we have done in the past, could reduce gas prices by 5 to 24 cents a gallon - a critical first step for America’s families, businesses, and the economy. On May 13, the House passed the Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act, H.R. 6022, and on May 14 it passed the Senate by unanimous consent. The measure suspends the fill of the Strategic Petroleum Reserve through the end of the year, as long as the price of crude oil remains above $75 per barrel.
In response to this Congressional action, on May 16, the President announceed that he would halt new shipments to the Strategic Petroleum Reserve.
On May 20, the President signed the legislation, which he previously opposed, to temporarily suspend filling the Strategic Petroleum Reserve.
Read Speaker Pelosi's statement>>
Repeal Profit‐Rich Big Oil Companies, Invest in Renewable Energy and Energy Efficiency (HR 5351)
On February 27, the House of Representatives passed the Renewable Energy and Energy Conservation Tax Act of 2008, H.R. 5351, which will end unnecessary subsidies to Big Oil companies and invest in clean, renewable energy and energy efficiency. It will extend and expand tax incentives for renewable electricity, energy and fuel, as well as for plug-in hybrid cars, and energy efficient homes, buildings, and appliances. These provisions are critical to creating hundreds of thousands of jobs. And the preservation of existing jobs relies on them too: a recent study showed that allowing the renewable energy incentives to expire would lead to about 116,000 jobs being lost in the wind and solar industries through the end of 2009.
The bill is fiscally responsible – paying for these energy incentives by repealing unnecessary tax subsidies for large integrated oil companies. The big five oil companies recently reported record profits for 2007, with ExxonMobil earning $40.6 billion - the largest corporate profit in American history. While oil company profits have quadrupled, high energy prices continue to squeeze American families – gas prices have skyrocketed and home heating oil has jumped along with other household costs.
Energy Independence Law with Market Manipulation Ban & New Vehicle Mileage Standards (HR 6)
In December, 2007, the New Direction Congress passed the historic and bipartisan Energy Independence and Security Act to make America more energy independent, respond to the global warming crisis, grow our economy, and lower energy costs. The new law will reduce our dependence on foreign oil and our energy costs:
- Net imports of crude oil are projected to be 2.4 million barrels per day lower in 2030 than previously expected. This is more than what we currently import from all Persian Gulf countries combined. [EIA, 3/4/08]
- America’s long-time growing dependence on foreign oil will be reversed, with our imports of foreign oil dropping from 60 percent to 51 percent of our total consumption in 2022. [EIA, 3/4/08]
- American families will save $700 to $1,000 a year at the pump as the measure increases the fuel economy standard to 35 miles per gallon in 2020 for new cars and trucks.
- Building, appliance, and lighting efficiency standards in the law will save consumers $400 billion through 2030.
- Oil prices are projected decline from levels of more than $100 per barrel to $57 per barrel in 2016 (in 2006 dollars) in part due the new energy law’s reduction in U.S. demand for petroleum. [EIA, 3/4/08]
- Inflation-adjusted prices for oil, natural gas and coal are expected to be lower in 2030 than they are today. [EIA, 3/4/08]
The new law prohibits oil companies from engaging in market manipulation or providing false information about price in the wholesale petroleum markets - imposing new civil penalties for those who break these rules.
Learn more about the Energy Independence and Security Act>>
America COMPETES Act with Energy Research & Development of Clean Energy Technologies (HR 2272)
On August 2, 2007, the House passed the final America COMPETES Act, and it was signed into law on August 9. America must implement a bold energy strategy to create new high-paying jobs, strengthen our national security, reduce costs for American consumers, and reduce global warming. A skilled ‘green’ workforce and new clean energy technologies will be the economic engines of the 21st century.
This legislation strengthens our national commitment to energy research and innovation, by creating a new Advanced Research Projects Agency for Energy (ARPA-E), like we already have for the Department of Defense. The agency will help provide talent and resources for high-risk, high-reward energy research and technology development, and help attract investment for the next generation of revolutionary technologies.
Learn more about the America COMPETES Act>>
Crack Down on Gas Price Gouging (HR 1252)
On May 23, 2007, the House passed the Energy Price Gouging Prevention Act, H.R. 1252, which will provide immediate relief to consumers by giving the Federal Trade Commission (FTC) the authority to investigate and punish those who artificially inflate the price of energy. It will ensure the federal government has the tools it needs to adequately respond to energy emergencies and prohibit price gouging – with a priority on refineries and big oil companies.
Learn more about the Energy Price Gouging Prevention Act>>
Hold OPEC Accountable for Oil Price Fixing (HR 2264)
On May 22, 2007, the House passed the No Oil Producing and Exporting Cartels (NOPEC) Act of 2007, H.R. 2264, which will enable the Department of Justice to take legal action against foreign nations for participating in oil cartels that drive up oil prices globally and in the United States. This legislation does so by exempting OPEC and other nations from the provisions of the Foreign Sovereign Immunities Act when acting in a commercial capacity; by making clear that the so-called “Act of State” doctrine does not prevent courts from ruling on antitrust charges brought against foreign governments; and by authorizing the Department of Justice to bring lawsuits in U.S. courts against cartel members.
Learn more about the No Oil Producing and Exporting Cartels (NOPEC) Act>>
Use It Or Lose It (H.R. 6251)
On June 12, Natural Resources Committee Chairman Nick Rahall introduced legislation to help lower gas prices by compelling oil companies to utilize the 68 million acres that are being leased by big oil companies, but not used to produce energy. The Responsible Federal Oil and Gas Lease Act, H.R. 6251, would force oil and gas companies to either produce or give up federal onshore and offshore leases they are stockpiling by barring the companies from obtaining any more leases unless they can demonstrate that they are producing oil and gas.
The 68 million acres of leased but inactive land have the potential to produce an additional 4.8 million barrels of oil. This would nearly double total U.S. oil production, and increase natural gas production by 75 percent. It would also cut U.S. oil imports by more than one-third, reducing America's dependency on foreign oil.
Read a Report from the Natural Resources Committee: The Truth About America’s Energy: Big Oil Stockpiles Supplies and Pockets Profits>>
Emanuel, Hinchey, Markey, Rahall to Introduce Legislation to Force Big Oil to Use Owned Leases>>
Rahall to Big Oil: Use It or Lose It>>
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