BRINGING IMMEDIATE RELIEF, PROTECTING CONSUMERS

Reducing the demand for oil is one way we can try to address the problem before it gets worse. That's why I co-sponsored the Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act, H.R. 5473, to reduce demand for oil by temporarily suspending shipments to the U.S. Strategic Petroleum Reserve (SPR).

Created in the wake of the 1973-74 oil embargo, the SPR provides the U.S. with an emergency stockpile of crude oil for use during significant disruptions in commercial oil supplies. The SPR consists of a series of underground storage caverns along the Texas and Louisiana Gulf Coast, and is over 96 percent full with 700.9 million barrels of crude oil in storage. While we can't afford to be short-sighted about our emergency reserves, I believe these are adequate if severe weather disrupts domestic oil supplies in the near future.

The bill would temporarily suspend additional deposits to the reserve for the remainder of 2008 or until the average price of petroleum falls below $50 a barrel for 90 days.  Some experts estimate this simple step can save consumers up to 25 cents per gallon.

In addition, I joined my colleagues in the House in passing legislation to protect American consumers at the pump: 

No Oil Producing and Exporting Cartels Act, H.R. 2264: Authorizes the Justice Department to take legal action against OPEC nations and organizations that conspire to limit the supply or fix the price of oil; these practices can artificially inflate the cost of gas for American consumers.  

The Federal Price Gouging Prevention Act, H.R. 1252: Allows the Federal Trade Commission to investigate and punish companies that artificially inflate the price of gas. The bill creates criminal penalties for price gouging and allows states to bring lawsuits against those who engage in such practices.

REDUCING AMERICA'S RELIANCE ON OIL

I believe Congress must find long-term solutions to reduce America's reliance on oil and address fuel prices for the future. That's why I was proud to support a historic increase in the fuel economy standard, which -- once implemented -- could save Hoosier families an average of $700-$1000 per year at the pump.

In addition, I supported cutting $18 billion in taxpayer-funded subsidies to the big oil companies and using the money to invest in renewable energy sources instead.

To me, it's a matter of priorities. It's ridiculous for Congress to give away billions in taxpayer-funded government subsidies to companies that are making billions by charging those same taxpayers outrageous prices at the pump. I think that money can be put to better use by investing in renewable energy.