Bond: Long-Term Policy Critical to Address Nation’s High Gas Prices
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May 25, 2007
WASHINGTON, DC -- U.S. Senator Kit Bond today addressed the need to provide Americans relief from record high gas prices. Bond stressed that the United States needs a comprehensive energy policy that increases all forms of American energy, enhances conservation and invests in future fuels.
“Summer is here and gas prices are again going up, up, up. We are all feeling pain at the pump and searching for relief,” said Bond. “The solution is not a simple fix -- we need long-term changes to our nation’s energy policy.”
This week, the average price of retail gasoline hit $3.218 a gallon, up 11 cents in just the past week and a half. Some experts are predicting that gas prices could reach $4 a gallon soon. Bond emphasized that price gouging should not and will not be tolerated. Bond pointed out that some in Congress believe they can pass laws to force gas prices lower, but Congress cannot change the law of supply and demand. High energy prices are classic case of more demand than supply driving up prices.
Unfortunately, Congress has taken the “Not in my Backyard” – or NIMBY – approach to increasing the nation’s energy supplies. Bond expressed frustration that the United States hasn’t had a new refinery or nuclear power plant since the 1970s. Also, we have beachfront home owners on Cape Cod opposing a wind power generation field; beachfront home owners in Florida opposing oil and gas development in the productive Gulf region and the same in California; and national environmental groups opposing developing oil and gas above the Arctic Circle in Alaska. Bond added that it took far too many years to adopt a Renewable Fuels Standard to move toward ethanol and other bio-fuels.
“The solution has to be comprehensive. We are not going to fix this problem with a windmill only, nuclear only, or conservation only solution. We need a comprehensive energy policy that increases all forms of American energy, enhances conservation, and invests in future fuels at the same time,” said Bond.
Bond has worked to expand the use of renewable fuels and biodiesel, an important part of this country’s long-term strategy. Earlier this week, Bond joined Senators Klobuchar (D-MN), Obama, (D-IL), Voinovich (R-OH), and Durbin (D-IL) in introducing legislation to expand consumer access to 85 percent ethanol fuel, or E-85, an affordable, home-grown alternative to gasoline. The Ethanol Education and Expansion Act of 2007 would work to reduce prices at the pump for consumers by providing grants through the U.S. Department of Agriculture (USDA) to farmer-owned ethanol producers to install additional E-85 pumps at rural gas stations as well as the equipment needed to sell E-85 directly to gas stations.
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“Summer is here and gas prices are again going up, up, up. We are all feeling pain at the pump and searching for relief,” said Bond. “The solution is not a simple fix -- we need long-term changes to our nation’s energy policy.”
This week, the average price of retail gasoline hit $3.218 a gallon, up 11 cents in just the past week and a half. Some experts are predicting that gas prices could reach $4 a gallon soon. Bond emphasized that price gouging should not and will not be tolerated. Bond pointed out that some in Congress believe they can pass laws to force gas prices lower, but Congress cannot change the law of supply and demand. High energy prices are classic case of more demand than supply driving up prices.
Unfortunately, Congress has taken the “Not in my Backyard” – or NIMBY – approach to increasing the nation’s energy supplies. Bond expressed frustration that the United States hasn’t had a new refinery or nuclear power plant since the 1970s. Also, we have beachfront home owners on Cape Cod opposing a wind power generation field; beachfront home owners in Florida opposing oil and gas development in the productive Gulf region and the same in California; and national environmental groups opposing developing oil and gas above the Arctic Circle in Alaska. Bond added that it took far too many years to adopt a Renewable Fuels Standard to move toward ethanol and other bio-fuels.
“The solution has to be comprehensive. We are not going to fix this problem with a windmill only, nuclear only, or conservation only solution. We need a comprehensive energy policy that increases all forms of American energy, enhances conservation, and invests in future fuels at the same time,” said Bond.
Bond has worked to expand the use of renewable fuels and biodiesel, an important part of this country’s long-term strategy. Earlier this week, Bond joined Senators Klobuchar (D-MN), Obama, (D-IL), Voinovich (R-OH), and Durbin (D-IL) in introducing legislation to expand consumer access to 85 percent ethanol fuel, or E-85, an affordable, home-grown alternative to gasoline. The Ethanol Education and Expansion Act of 2007 would work to reduce prices at the pump for consumers by providing grants through the U.S. Department of Agriculture (USDA) to farmer-owned ethanol producers to install additional E-85 pumps at rural gas stations as well as the equipment needed to sell E-85 directly to gas stations.
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