Fuel Prices

Recently, fuel prices have increased again in large part due to two developments; concern over the Iranian nuclear weapons program and disruptions in Nigerian oil production. As with last year's devastating hurricanes in the Gulf of Mexico, the impact of these developments on the price of oil exposes the extreme volatility of this vital resource and demonstrates why we need to decrease our dependence on foreign sources of energy.

Our nation's demand for oil is still high and we have seen soaring prices as a result. While there is little we can do to stem these supply and demand price increases, we have taken several steps to lessen its impact. First, the President released oil from the Strategic Petroleum Reserve to help refiners respond to rising gas prices. Second, I have asked the Illinois Attorney General to take aggressive steps to investigate any incidents of price gouging at Illinois gas stations. Finally, Congress has held hearings to review the situation and will take further steps to investigate the matter.

America must get serious about its energy problems and take further steps, as outlined in last year's Energy Bill, to reduce our reliance on foreign oil and fossil fuels. While the Energy Bill is not perfect, there are aspects of the agreement that help reduce our dependence on foreign oil. For example, the Energy Bill promotes reliable sources of energy, such as ethanol and coal. It would double ethanol production to 7.5 billion gallons annually by 2012 and cuts the number of special gasoline blends now required for certain cities or areas.

The answer to lower fuel prices is not an easy one. We will need to lower our demand, seek alternative energy sources and increase our use of renewable fuels. I will continue to work to expand investment incentives that lead us on a path to reliable sources of energy and innovation for the future.

 

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