Thursday, May 10, 2007

Rising Gas Prices: Big Oil Companies Taxing Americans

With Memorial Day travel and the start of the summer driving season only a few weeks away, gas prices have been surging ahead, hitting a new record national average this week. Drivers are paying a heavy price for the Bush Administration’s failure to enact a comprehensive energy strategy. Years of Big Oil favored policies under the Bush Administration have resulted in record dependence on foreign oil, leaving American families and businesses to pay even higher prices at the pump.

Here in Arkansas I’m currently working to secure Federal funding for cellulosic research, which would allow farmers to make Biofuel from crops such as corn, timber and ricestraw. As an agricultural leader, our state is in a good position to be the trendsetter in the alternative fuel industry.

Congress has already started the momentum for a new direction on energy policy that will bring down the cost of gas and make America energy independent. Congress has voted to roll back multi-billion dollar taxpayer subsidies for Big Oil companies, who continue to enjoy record profits, and reinvest that money here at home in renewable energy and energy efficiency.

In the coming weeks, Congress will explore how to stabilize gas prices and reduce our dependence on foreign oil through developing legislation that will:

  • Include economic incentives to develop and use clean alternative fuels
  • Help make our nation’s farmers leaders in reducing our dependence on foreign fuel
  • Encourage an energy innovation economy that will create new jobs, and make our infrastructure, buildings, transportation, and appliances more energy efficient