Congress to Tackle High Gas Prices

Saturday, May 17, 2008

CAPITOL HILL —  With the average price of a gallon of regular gas approaching $4, Congress is planning more hearings next week to discuss the problem.

The Senate judiciary committee is summoning top oil company executives and they can expect some tough questioning.

Alaska Senator Lisa Murkowski said people in one small town in her state are already paying $8.65 a gallon.

The Energy Department stopped buying additional oil stockpiles for the nation’s strategic petroleum reserves and said it won’t buy more for the rest of the year. That move came a day after Congress passed legislation requiring the president to stop the oil purchases.

Some lawmakers believe the 70,000 barrels-a-day that will now end up on the open market will lower gas prices. The White House said it probably won’t make a dent and some analysts agree.

Lee ADDS: Since Senator Schurmer says that ANWR Oil would not decrease the price of gasoline by .01 (one penny) how is it that curtailing oil flowing into the National Reserve will have a greater effect?

The way to get SEVERE PRICE REDUCTION is to< 1. Drill offshore NOW, 2. Drill in ANWR NOW, 3. Build at least 2 new refireries, 4. Advise OPEC that unless thety cut the price of their oil by AT LEAST 1/2, we will cease buying oil from them in 10 years! If OPEC agrees and cuts their prices we would continue to buy their oil for a gauranteed 20 year term then cut that purchase by 1/2. Any future attempts to increase the prise of Oil, by OPEC, will result in cessation of our purchasing FORTHWITH!