Hoyer, U.S. House Takes Action to Relieve Consumers from Rising Gas Prices

Press Release

With gas prices averaging around $4.00 per gallon in the State of Maryland, Congressman Steny H. Hoyer (D-MD) joined the U.S. House of Representatives in considering three bills aimed at making America more energy independent and providing relief for consumers struggling with high energy costs. Measures to make public transit more affordable and crack down on Wall Street speculators who experts say are driving up the price of oil both passed. A bill to force oil companies to use the land they have to produce energy had majority support, but was blocked by House Republicans.

"High gas prices are particularly burdensome for motorists in the National Capital Region, where commuting times are among the worst in the nation," stated Rep. Hoyer. "The measures passed by the House today, combined with other action we have taken, are key components of a comprehensive energy strategy that seeks to provide Americans with relief at the gas pump, while weaning our nation from its dangerous addiction to foreign oil. I am also pleased that our region will directly benefit from $53.7 million in federal funds to enhance public transit services and encourage ridership."

Bills considered on the House floor today included:

- The Saving Energy through Public Transportation Act of 2008. The bill gives grants to mass transit authorities to reduce public transit fares, expand transit services and assist with the escalating operating costs of public transportation. The bill's $1.7 billion in mass transit grants includes $53.7 million for the MD-DC-VA region for the next two years. The bill also expands the transit pass benefits program that has been successful in the National Capital Region to Federal employees nationwide.

- The Energy Markets Emergency Act. The Act directs the Commodity Futures Trading Commission to use it full authority and most potent emergency tools to curtail excessive speculation and other practices distorting the energy market. Rampant speculation has been cited as one cause of the spike in gas prices.

- The Responsible Federal Oil and Gas Lease Act. The "Use it or Lose it" legislation forces oil companies that hold leases on 68 million acres of public lands on and off-shore to start producing or developing it or lose it. This legislation was blocked by House Republicans and was not approved.

"The argument that we need to open up more public land for oil exploration makes no sense when oil companies currently have the ability to drill on an estimated 68 million acres," stated Rep. Hoyer. "That House Republicans would block this commonsense measure to increase supply on lands already authorized for drilling is puzzling. The fact is that when the U.S. has only 1.6 percent of world's known oil supply but accounts for a quarter of the world's daily oil consumption, we can't simply drill our way to energy independence, but utilizing the resources we have already set aside is a small part of the solution."

Today's action builds on numerous efforts Democrats have taken to bring down the cost of gasoline and make America more energy independent. Earlier this year, Congress passed legislation that has been signed into law to free up more supply by suspending government purchases to the Strategic Petroleum Reserve from June 30 through the end of the year. The House also has approved measures to hold international oil cartels such as OPEC accountable for price fixing and to crack down on oil companies that gouge Americans and businesses at the pump. Democrats also succeeded in pushing the Federal Trade Commission to investigate market manipulation.

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