Democratic Senators Unveil Consumer-First Energy Act of 2008

Press Release

Senate Majority Leader Harry Reid and Senators Jeff Bingaman, Max Baucus, Charles Schumer, Byron Dorgan, Maria Cantwell and Bernie Sanders held a press conference today to unveil the Consumer-First Energy Act of 2008, a bill that addresses the root causes of high gas prices. Seven years of the Bush Administration's disastrous energy policies have enriched Big Oil and market speculators at the expense of American consumers. Democrats are committed to providing relief to consumers and strengthening our economic, energy and national security.

"Even as it costs Americans more every day to fill up their gas tanks, Bush Republicans only offer more of the same failed energy policies that brought us to this point," Reid said. "But with this bill, Democrats are protecting consumers. Instead of helping Big Oil make more money at the expense of average Americans, we are forcing oil companies to change their ways. We will hold them accountable for unconscionable price-gouging and force them to invest in renewable energy or pay a price for refusing to do so."

Said Bingaman: "Startling gasoline prices are making it harder and harder for working American families, farmers and small businesses to make ends meet. At a minimum, Senate Democrats are determined to take the short-term steps necessary to send the right signals to energy markets, and to ensure that proper safeguards are in place to protect American consumers."

"Repealing tax breaks for Big Oil will stop these companies from running away with more taxpayer cash while they're already high on the hog," Baucus said. "And the money saved will help to build a real energy future for this country - one not dependent on foreign oil and fuels that won't last forever."

Said Schumer: "Oil companies are racking up obscene profits left and right while American families are stretched to the limit by skyrocketing gas prices. It's time for Big Oil to pay its fair share so Americans can see a little relief. The windfall profits tax will do just that, and help spur innovation in the process."

"Gas prices are nearing four dollars a gallon and a barrel of oil is around $120 per barrel, yet this President is refusing to take action to put downward pressure on gas prices," Dorgan said. "We need to immediately stop putting oil underground into the Strategic Petroleum Reserve, and start addressing the fundamental issue of these sky-high prices by cracking down on the rampant speculation that's driving up the price of energy."

Said Cantwell: "We need a cop on the beat to patrol the markets for any illegal activity or manipulation and help ensure Americans are paying prices that are not just fair, but based on supply and demand fundamentals. Now it's time for Congress to pursue vigilant oversight over these markets to ensure Americans aren't the victims of a few rogue traders manipulating energy markets. By taking these steps, we may be able to burst the energy price bubble that is dragging down our economy."

"If we don't act boldly, the economic situation for millions of middle-class families and working Americans will continue to deteriorate," Sanders said. "Record-breaking oil and gas prices are a crisis not only for commuters going to work, especially in rural areas, but also for family farmers, small businesses, truckers, airlines, grocery stores, restaurants, hotels, tourists and indeed every sector of our economy. The bottom line is this: Congress and the President can no longer sit idly by while Americans are getting ripped off at the gas pump, the economy deteriorates, and Exxon Mobil, greedy speculators, and OPEC are allowed to make out like bandits pushing oil and gas prices higher and higher."