Gas Prices Affect Our Economy

Statement

As I'm sure you've noticed, gas prices were near $4 a gallon in Idaho and topped that level in many parts of the country. This impacts not only transportation, but also heating costs and virtually every other aspect of our lives. The U.S. needs to control more of its energy future to lessen the volatility in this sector.

Nearly 90 percent of the world's oil is controlled by a handful of countries. Consequently, when America needs more oil, our limited options include pleading with royal families and 'petro-dictatorships' like Venezuela to increase production.

It is time we increase our domestic oil production and reduce the amount of oil we rely on from unfriendly regimes. In my work on the Energy Committee, I have questioned the Energy Secretary on this issue and joined with a bipartisan group of senators in writing the president to encourage his administration to work faster in reviewing permits for drilling in the Gulf. We're also encouraging drilling in more parts of Alaska and the outer continental shelf.

Increased gas prices are a huge burden on household budget and businesses. The White House needs to act now on increasing production instead of trying to raise taxes on oil products that are only passed on to the consumer. The domestic oil industry produces jobs in America, where I want to see them, instead of jobs in Brazil where the president recently promised to fund oil exploration.

In the meantime, the president has authorized the release of 30 million barrels of crude oil from the U.S. Strategic Petroleum Reserve. The reserve was established as an emergency supply of oil to be used during times of crisis, like when Iraq invaded Kuwait and after Hurricane Katrina.

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