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Energy

Congress considering all options to combat rising gas prices


Congress is looking into ways to help Americans deal with rising gas prices. As of Mar. 17, AAA pegged the average gallon of gas at $4.29. While oil prices have declined in recent days, gas prices have not, so the House has called on oil executives to testify as it looks into possible price gouging.

Rep. Frank Pallone (D-NJ) sent letters to six oil company executives, asking them to testify before the House Committee on Energy and Commerce on Apr. 6.

“As American families confront high gasoline prices caused by the volatility of global energy markets and Vladimir Putin’s unprovoked invasion of Ukraine, I am deeply concerned that the oil industry has not taken all actions within its power to lower domestic gasoline prices and alleviate Americans’ pain at the pump,” Pallone wrote. “Instead, the industry appears to be taking advantage of the crisis for its own benefit.”

“Here at home, I am proud to see reports this week that nearly 80 percent of Americans support Russian sanctions even if gasoline prices rise, but the financial sacrifices made by American families should be in service of the Ukrainian people, not oil company profits,” Pallone wrote.

Sen. Chuck Schumer (D-NY) said the Senate will also look into this issue. Members are working on other proposals to lower gas prices, including a gas tax holiday, direct payments to help offset the increase cost of gas, or even taxing oil companies and then disbursing that tax revenue to Americans struggling to make ends meet.

“By keeping domestic oil production low and funneling revenue back to investors and executives, the oil industry is keeping energy prices—and profits—artificially high,” Pallone wrote. “And this is all happening at the same time the industry is taking advantage of generous production tax incentives provided by American taxpayers.”

While these options are being considered, none have been agreed upon. Any bill would still have to pass both chambers of Congress before becoming law.

GAS PRICES IN SOME PARTS OF CALIFORNIA ARE WELL ABOVE 6 DOLLARS A GALLON!

THAT’S ACCORDING TO MY MOM, WHO EVEN SEARCHED AROUND FOR A CHEAP STATION BEFORE SUCKING IT UP AND PAYING THAT PRICE. 

AND SHE’S NOT ALONE..

TRIPLE A FOUND THE NATIONAL AVERAGE IS WELL ABOVE 4-DOLLARS.

AND CONGRESS IS NOW TRYING TO ADDRESS THE ISSUE IN VARIOUS WAYS. 

OIL EXECS HAVE BEEN ASKED TO TESTIFY to a house committee APRIL 6 and the senate is on it as well. 

TAKE SOT- Maj. Leader Chuck SCHUMER 

<<“The bewildering incongruity between falling oil prices and rising gas prices smacks of price gouging and is deeply damaging to working Americans. The Senate is going to get answers.”>>

Annie Andersen: OIL HIT 120 A BARREL IN EARLY MARCH..

GAS HITTING 4.33 A GALLON. 

NOW IT’S ABOUT 90 A BARREL, BUT GAS PRICES ARE ONLY 4 CENTS LOWER. 

AN OIL TRADE INDUSTRYSPOKESPERSON TOLD ROLL CALL THERE IS ALWAYS A DELAY FROM FALLING OIL COSTS TO FALLING GAS PRICES.

TAKE SOT- JEN PSAKI

<<”Retail gasoline prices are updated at least daily, and if gas retailers’ costs are going down, they need to immediately pass those savings onto consumers.”>>  

Annie Andersen: POSSIBLE GOUGING ASIDE.. CONGRESS IS TRYING TO ADDRESS GAS PRICES RIGHT AWAY.

PUNCHBOWL NEWS BROKE DOWN SOME OF THE IDEAS THEY’RE FLOATING

A GAS TAX HOLIDAY– THAT WOULD SAVE PEOPLE ABOUT 18.4 CENTS A GALLON. 

THE CHAIR OF THE HOUSE TRANSPORTATION COMMITTEE FAVORS A MORE DIRECT APPROACH –

 PROPOSING A WINDFALL PROFITS TAX ON THE OIL INDUSTRY WHICH MADE 174 BILLION IN PROFITS LAST YEAR. 

THAT MONEY WOULD THEN GO TO AMERICANS struggling to make ends meet

ANOTHER OPTION- A REBATE OFFSET BY TARIFFS ON COUNTRIES STILL BUYING RUSSIAN OIL. 

OR EVEN DIRECT PAYMENTS.

BUT BEFORE YOU GET TOO EXCITED REMEMBER NONE OF THESE PROPOSALS HAVE  BEEN AGREED ON… 

AND TO BECOME LAW THEY WOULD HAVE TO PASS BOTH CHAMBERS- 

INCLUDING IN THE SENATE WHERE THEY WOULD NEED AT LEAST 10 REPUBLICANS TO SUPPORT IT. 

BUT ON THE OTHER HAND… CAN YOU IMAGINE THE POLITICAL ADS FOR VOTING AGAINST LOWERING GAS PRICES?

WE’LL KEEP WATCHING THIS..

 AND I FOR ONE WILL BE PULLING OUT MY TRUSTY BIKE AS OFTEN AS POSSIBLE. 

STRAIGHT FROM DC I’M AA