Cornyn Statement on Gas Prices / Democrats Acknowledge Law of Supply & Demand, Then Vote Against More Supply

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Cornyn Statement on Gas Prices / Democrats Acknowledge Law of Supply & Demand, Then Vote Against More Supply

With gas prices in Texas reaching a new record high of $3.54 a gallon, U.S. Sen. John Cornyn, R-Texas, Vice-Chair of the Senate Republican Conference, expressed his disappointment today with the decision by Senate Democrats to help defeat a sweeping domestic energy production bill that would have provided both short and long-term relief at the gas pump.

The Republican-sponsored legislation would dramatically increase domestic energy production, protect Texas jobs and reduce our dependence of foreign oil. It would lead to the estimated production of up to 24 billion new barrels of oil -- enough oil to supply America for 5 years with no foreign imports. Following the defeat of this measure, Senate Democrats, joined by Cornyn and his Republican colleagues, voted to pass a separate, minor measure that would just temporarily halt the filling of the Strategic Petroleum Reserve.

Sen. Cornyn questioned the mixed messages by Senate Democrats on tackling high gas prices, saying, "By voting to put a temporary hold on the government's filling of our strategic petroleum reserves, Senate Democrats are finally admitting that high gas prices are an effect of supply and demand. But if Democrats believe that the 70,000 barrels, which will no longer be put into the SPR, can save 2 to 5 cents at the gas pump, doesn't it make sense that the estimated 1 million barrels we could get from ANWR every day could do a lot more?" [read more]

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