As Gas Prices Rise, Senator Markey Releases New Plan to Address President Trump's "Oil Risk Tax"

Statement

With gas nearing $3/gallon nationally, today Senator Edward J. Markey (D-Mass.) released a new report outlining how President Donald Trump's incoherent foreign policy is exacerbating geopolitical uncertainty around the globe and roiling oil markets, resulting in higher gas prices for American drivers. The impacts of the Trump "oil risk tax" on consumers is worsened when combined with rising U.S. exports of American crude, making American consumers more vulnerable to supply disruptions and international oil price increases. As a result of the lifting of the 40-year old ban on exporting American crude oil, historic amounts of U.S. oil are now going to foreign nations rather than staying here to benefit American consumers. Senator Markey's report, "The Trump Oil Risk Tax: Driving Up Prices for America's Drivers" also criticizes Congressional Republican legislation passed over recent years that will drain nearly 40 percent of the oil in the Strategic Petroleum Reserve (SPR), America's number one protection against price spikes and market volatility. Senator Markey will be introducing legislation today to reinstate the oil export ban.

"President Trump loves having his name on things -- towers, steak, universities -- and now his name is associated with higher gas prices," said Senator Markey. "President Trump's incoherent foreign policy has been driving up prices for America's drivers by increasing risk and roiling markets. This increase in oil and gas prices is a "Trump oil risk tax' and Americans are paying the price at the pump. President Trump says his agenda is "America First', but the policies he and Republicans are pursuing put Big Oil first and American consumers last."

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