Robert Menendez

US Senator for New Jersey
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Combating High Gas Prices

Combating High Gas Prices_image

Senator Menendez understands that for too long Americans have been at the mercy of oil and gasoline prices: when prices go up we all feel the pinch.   Unfortunately, many people do not have an alternative to astronomical gasoline prices – they have to drive to get to work and to get their kids to school, no matter the cost.

That is why Senator Menendez is working to enact policies that will allow us to use less oil, or use no oil at all.  By investing in more efficient vehicles we will get where we need to go without having to stop at the bank along the way. Furthermore, if we can power our vehicles with electricity, natural gas, or have sensible transit options nearby, then oil will finally get the competition it needs to keep gas prices low.

Highlights:

CAFE Standards.  While some in Congress have pushed to repeal CAFE standards, Senator Menendez is a strong supporter of President Obama’s fuel economy standards which will reach 54.5 miles per gallon in 2025.  According to one study, this measure will save Americans $68 billion in fuel costs by 2030.  Even if gasoline prices remain high, consumers can save a lot of money by going twice as far on every gallon of gasoline they purchase. 

Public Transportation.  As chair of the Senate subcommittee with jurisdiction over public transportation, Senator Menendez has been a champion of robust transit funding.  Public transportation allows people to get to where they need to go without having to fill up their gas tank.  He has helped fight off efforts to drastically cut federal funding for transit and has helped craft and pass a bipartisan transportation bill that will bring New Jersey an extra $70 million per year in transit formula funding.  

Creating Alternatives to Oil for Transportation.  Senator Menendez is a strong supporter of providing incentives for electric vehicles.  These vehicles are just now gaining traction in the market and provide transportation without tailpipe pollution and without needing to visit the gas station.  Senator Menendez is also author of the NAT GAS Act, a bill that would provide incentives for the purchase of natural gas vehicles.  Natural gas is an inexpensive alternative to petroleum fuels and can also help improve urban air quality.

Drill It Here, Keep It Here.  For the first time since 1949 the United States is actually exporting more gasoline, diesel and other petroleum fuels than we are importing.  Senator Menendez believes that if we take on the environmental risk of drilling, we should also benefit from the product – especially with such high fuel prices.  That is why he has introduced legislation to ban the export of fuels derived from oil drilled on public lands and waters.  It simply doesn’t make sense that New Jersey families continue to pay high prices at the pump while we’re exporting gas to other countries.

Use It or Lose ItOil Companies are sitting on over 50 million acres of public lands and waters they have leased, but have not produced oil or gas on.  Senator Menendez has introduced legislation to spur oil companies to drill on these lands rather than holding them to pad their oil reserve numbers.  The bill mandates that oil companies either produce on or seek to develop their existing federal leases, or give them up for someone else to use. 

Prudent Use of the Strategic Petroleum Reserve.  Senator Menendez believes that since OPEC artificially constrains oil supply in order to manipulate prices, the United States should be willing to release oil from its Strategic Petroleum Reserves to combat this practice.  We have over 700 million barrels of oil sitting in the reserve, so we have enough of a reserve to guard against supply disruptions.  Until we develop alternatives, oil prices will continue to be a commodity that can have significant impacts on our economy, and because of that we should be willing to protect our economy with the prudent use of the Strategic Petroleum Reserve.

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