Energy / Gas Prices

** Please note that the retail price and price breakdown shown above are for October 2008. The information comes from the U.S. Energy Information Administration which publishes each month's numbers at the end of that month.

Related Link: Energy Conservation Tips

I know people are really feeling the pinch with gas prices. In addition to increasing the cost of driving, high gas prices affect home heating and cooling bills, increase costs for businesses that rely on trucks to move goods, and hurt our country's economic growth. America must become more energy independent.

No one action alone can make our nation energy independent overnight, and that’s why it is critical that work begin today on a comprehensive approach for the long term. Congress needs to take action on solutions, including increasing refinery capacity, tapping into domestic sources of energy, supporting research on clean coal technology, investing in the development of alternative and renewable fuels, developing the hydrogen economy and promoting energy conservation.

We must explore every option available to address the cost of gasoline in the short- and long-term, while also ensuring that we always uphold our obligation to remain good stewards of the environment. It is important to focus on the resources we have available to our country within our borders so that we can stop depending on unstable or hostile countries like Venezuela, Iran and Saudi Arabia for our vital energy supplies.

I have voted for responsible oil and gas exploration in the Arctic National Wildlife Refuge and on the outer continental shelf, as well as developing domestic crude resources in oil shale and also to increase refinery capacity and production in the U.S., which has not occurred in the U.S. in over 30 years.

I continue to support alternative and renewable energy initiatives as part of a comprehensive energy policy. This includes investing in the development in the development of clean, renewable energy, including solar and wind power, supporting research in clean coal technology, and developing the hydrogen economy. I voted for the new energy law enacted last December which invests in research and development for a whole host of renewable resources and promotes energy conservation programs and investment by the private sector in renewable energy generation as well as new energy transmission technologies.

Conservation is important and consumers can do their part to make sure their vehicles are running efficiently to increase fuel economy. I drive a hybrid car and believe hybrid technology developments will play an important role in increasing automobile efficiency in this country.

Last December I supported the first increase in fuel economy (CAFE) standards for automobile efficiency in almost two decades, a change that the Department of Transportation estimates could save American drivers 55 billion gallons of fuel and reduce carbon dioxide emissions estimated at 521 million metric tons to improve air quality.

I sent a letter to the president asking him to develop a comprehensive energy plan to bring down the cost of gasoline and reduce U.S. dependence on foreign oil. The letter asked the president to temporarily suspend filling the Strategic Petroleum Reserve (SPR) as short-term relief for high gas prices. The SPR currently holds over 700 million barrels of oil, which is 96 percent of its capacity and the most it has ever held. Having this reserve for emergencies is important, but when gasoline prices are at record highs, this is an important step that can increase oil supplies in the marketplace, thus lowering the price at the pump and putting more money back into the pockets of American consumers. I was pleased to support the recent vote in the House, followed by similar action in the Senate, to pass legislation to suspend adding to the SPR between now and the end of this year.  The bill was signed into law on May 19.

I have also taken the lead in investing in mass transit infrastructure like the extension of the Metro system to Dulles airport. Mass transit alternatives can take cars off the road and ease fuel demand and prices in the future.

It is also important to ensure that oil marketers are not taking advantage of consumers. I was pleased to see that the Federal Trade Commission (FTC) has begun using powers granted to the agency in last December's energy bill to begin to probe the oil industry for possible price fixing. FTC officials are undertaking extensive research into the workings of the oil industry in order to fully understand what would constitute a violation of federal law. It is also important that the federal government investigate the effect that oil market speculators have on gas prices. Without effective oversight, there is no way to know whether energy speculators are basing their oil trades on market realities or speculation based on fear and greed at the expense of hard-working Americans.

• The American Energy Act
  H.R. 6566 is a comprehensive strategy that would increase the supply of American-made energy, improve conservation and efficiency, and promote new and expanding energy technologies to help lower the price at the pump and reduce America’s increasingly costly and dangerous dependence on foreign sources of energy.
  
  To increase supply in an environmentally friendly way, the bill would:
  
  - Open deep water ocean resources
  - Open the Arctic coastal plain
  - Allow development of oil shale
  - Simplify the process for opening new refineries
  
  To improve energy conservation and efficiency, the bill would:
  
  - Provide tax incentives for families and businesses that purchase more fuel efficient vehicles
  - Provide a monetary prize for being the first to develop an economically feasible vehicle that can travel 100 miles per gallon
  - Provide tax incentives for homeowners and businesses that improve energy efficiency
  
  To promote alternative and renewable energy technologies, the bill would:
  
  - Promote coal-to-liquids technology
  - Establish a renewable energy trust fund using revenues generated by offshore and onshore exploration
  - Permanently extend the tax credits for wind, solar, and hydrogen
  - Eliminate barriers to the expansion of emission-free nuclear power production
• The Deep Ocean Resources Act
  H.R. 6107 would give states the ability to determine whether or not they want to restrict energy production up to 100 miles off their shores. Under this legislation, the federal government would be able to lease waters beyond 100 miles. A 50-mile buffer zone along each state’s border is maintained unless the state chooses to overturn that provision. States would share in the revenues generated by the leases they sell. The bill would also authorize funding to monitor the environment of wildlife, fish, air and water in the areas where production occurs.
• The New Manhattan Project for Energy Independence
  H.R. 6260 is a step in the right direction toward achieving energy independence. It would challenge the United States to achieve 50 percent energy independence in ten years and 100 percent energy independence in 20 years by bringing together the best and brightest scientists in the nation in a competitive format to research one of seven established energy goals and will award significant prizes to any group, school, team or company who reaches the goal. The goals include:
  
  - doubling CAFE standards to 70 mpg, while still providing an affordable vehicle,
  - cut home and business energy usage in half,
  - make solar power work at the same cost as coal,
  - make the production of biofuels cost-competitive with gasoline,
  - safely and cheaply store carbon emissions from coal plants,
  - safely store or neutralize nuclear waste, and
  - produce usable electricity from a nuclear fission reaction.
• The American Energy Independence and Price Reduction Act
  H.R. 6107 is a two-pronged approach that would allow development of oil on the coastal plain of Alaska and use revenues from that production for renewable and alternative energy programs. It would require the first lease to be conducted no later than 25 months from the date of enactment. This bill limits the footprint of development to 2000 acres, which is less than a quarter of the size of Washington Dulles International Airport. I believe that domestic oil production in an environmentally friendly way is an important part of becoming energy independent. This bill would accomplish that by providing necessary environmental regulations and restrictions to drilling. Revenues generated from this production would be put into a trust fund to enact renewable and alternative energy programs that have already been authorized through previous energy legislation, but are currently unfunded.
• Clean Energy Tax Stimulus Act
  H.R. 5984 would provide for an extension of the renewable energy and energy efficiency tax credits that would otherwise expire. It is important for Congress to renew these credits to promote energy efficiency as a vital part of a balanced energy policy. These important tax credits include incentives for:
  - Production of solar, hydropower, wind, geothermal, and other renewables;
  - Commercial solar energy and fuel cell investment;
  - Energy efficient new homes and commercial buildings;
  - Energy efficient appliance upgrades to existing homes, and
  - Clean renewable energy bonds.
• Expanding American Refining Capacity on Closed Military Installations
  H.R. 2279 would streamline the refinery application process and also require the president to open at least three military installations, closed by the Base Realignment and Closure (BRAC) Commission, for the purpose of siting new and reliable American refineries. There has not been a new refinery built in the U.S. in over 30 years, which means that U.S. capability of refining oil and supplying gas and diesel to consumers has not been able to keep up with the growth in demand. Additional refineries would reduce the cost of gasoline by increasing available supply.
• No More Excuses Energy Act
  One key component of a comprehensive approach is increasing domestic production of energy. The No More Excuses Energy Act (H.R. 3089) would increase refinery capacity, allow for environmentally sensitive drilling on the outer continental shelf and the Arctic National Wildlife Refuge, and boost alternative energy by extending the wind production tax credit. It is critical that America tap into the variety of energy sources we have at home to increase our energy independence.
• Prevent Unfair Manipulation of Prices (PUMP) Act
  The PUMP Act (H.R. 594) would bring unregulated over-the-counter trading under the oversight of the government and also increase penalties for speculators found to be unfairly manipulating the oil futures market. Without effective oversight, there is no way to know whether energy speculators are basing their oil trades on market realities or speculation based on fear and greed at the expense of hard-working Americans. It is estimated that oversight over all futures trades could lower the price of a barrel of crude oil by as much as $25.
• National Conservation, Environment, and Energy Independence Act
  H.R. 6709 would increase the production of domestic energy sources, dedicate fixed percentages of the royalties received for conservation programs, environmental restoration projects, renewable energy research and development, clean energy technology research and development, increased development of existing energy sources, and energy assistance for those in need, and share a portion of such royalties with producing States.
• Virginia Offshore Drilling
  H.R. 6781 would authorize the state of Virginia to petition for authorization to conduct natural gas or crude oil exploration and extraction activities in any area that is at least 50 miles beyond the coastal zone of the State.  This legislation would allow revenues from this production to be shared with the state of Virginia.  Virginia would be permitted to use the funding for education, transportation, reducing taxes, coastal and environmental restoration, energy infrastructure and projects, seismic monitoring programs, alternative energy development, energy efficiency and conservation, or hurricane and natural disaster insurance programs.

• Wolf: Expiration of Offshore Drilling Moratorium is Positive Step and Part of 'All of the Above' Strategy (9/25/2008)
• Wolf: Democrats Energy Bill is Really a 'No Energy' Bill (9/17/2008)
• Wolf Takes Part in Effort to Have Congress Act on Energy Bill (8/4/2008)
• Wolf Cosponsors 'New Manhattan Project for Energy Independence' Legislation (7/14/2008)
• Wolf Cosponsors Bill to Encourage Domestic Energy Production (5/12/2008)
• Wolf Asks President to Temporarily Suspend Filling Strategic Petroleum Reserve (4/24/2008)
• Wolf Cosponsors PUMP Act (3/13/2008)