Friday, May 16, 2008

Gas Prices Higher Maybe $5 HIGHER!!

The Senate is considering legislation which could yield a increase in current gas prices by $1.50 to $5.00 per gallon. (Senators Warn Bill Could Spike Gas $1.50 to $5 a Gallon) Now that I've got your interest, how will Congress accomplish this increase?
Worried about gas prices hitting $4 a gallon and beyond? Imagine if they were $6, $7 or even $8 a gallon. Those levels are a certain possibility should Congress pass cap-and-trade legislation, which could face a vote in early June.
The Democrats in Congress have repeatedly failed to allow passage of legislation which would permit drilling in Alaska, Gulf of Mexico and other areas of the US. These areas are Domestic and would allow two things to happen which are important to all of us.
  • First, Domestic Production of these Proven Reserves would increase the supply of Oil.
  • Second, Domestic Production would allow less dependency on Foreign Oil.
However, this problem is also a result of another problem. Besides not being allowed to drill and produce Domestic Oil, we have not increased US Refinery Capacity since 1976.

Senator James Inhofe (R-OK), the ranking Republican on the Senate Environment and Public Works Committee, had this to say.
“The Democrats are the reason we have high prices at the pumps, and we’re not going to be able to alleviate that until we start producing again in America,” Inhofe added. “And I knew this was happening way back, well 10 years ago, when President Clinton vetoed the bill that would have allowed us to drill in ANWR. I said on the Senate floor that day 10 years ago that in 10 years we would regret this. It’s now 10 years later.”
Here is a copy of Senator Inhofe's "White Paper" on the New Inhofe White Paper, Web Page, Details Harmful Impacts of Lieberman-Warner Bill.

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