CHABOT: SMALL BUSINESSES NEED ENERGY HELP NOW

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Washington, DC - With gas prices hitting record highs for the 14^th consecutive day and the summer driving season beginning this weekend, House Republicans announced a plan today to reduce energy costs for wallet weary American consumers and small businesses.

“Like all consumers, small business owners are feeling the financial pressure of rising energy costs and need help now,” said Small Business Committee Ranking Member Steve Chabot (R-OH).  “Without relief, these small companies will have to reevaluate their business plans and future investments, including their ability to hire new employees.”

Today, the national average for a gallon of gas hit a record $3.807, with every expectation that the price will continue to rise.  As recently as last month, the Federal Energy Information Administration (FEIA) said per-gallon prices were projected to average $3.60 in June.  But with 11 days still on the May calendar, prices have soared past FEIA’s earlier prognosis.  Natural gas and electricity costs are also on the rise.

The House Republicans’ plan would unlock vast reserves of oil and natural gas in Alaska and the Outer Continental Shelf that Congress placed off limits.  It would also promote new, clean and reliable sources of energy, cut the red tape that has stifled new refinery construction for decades, and encourage greater energy efficiency by offering conservation tax incentives.

“Small businesses operate on razor thin margins and these rapid rises in energy costs are difficult for them to absorb,” Congressman Chabot said.  “Congress has spent too many months watching prices climb and I’m pleased that there is finally a plan on the table that we can debate and hopefully implement.”

Ranking Member Chabot has been at the forefront of the energy cost debate.  He is the lead Republican sponsor of the No Oil Producing and Exporting Cartels Act of 2007 (NOPEC) that passed the House last year by a wide margin.  The bill would make it illegal for countries to collude to artificially set high prices and limit the production of oil, natural gas, or any other petroleum product. 

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