Confronting Historically High Gas Prices

Oil Prices Skyrocket Under Bush Energy Plan

Americans are now suffering the consequences of an energy policy written by and for the oil industry and advanced by the two oilmen in the White House. Over the course of the last seven and a half years the price of oil has increased five-fold, from $26 per barrel in 2002 to a recent record high of $145.31 this July. The Republican answer to this crisis: hand more federal land - much of it pristine national parkland - over to Big Oil. The facts: these companies already control through leases more than 88 million acres of federal land on-and-off shore containing 81 percent of America's oil and gas reserves eligible for exploration.

The U.S. posses 3% of the world's known oil reserves. Yet, America - with 4% of the world's population - consumes 25% of all oil produced. It is clear that we cannot drill our way to energy independence. Our New Direction energy agenda comprises three major points to deal with this crisis in the short, medium and long term:

• We will first increase the supply of oil the market now to bring down prices. That means releasing some of our oil from the strategic petroleum reserve (SPR) and compelling oil companies to drill on the land they already have leased.

• We will go after market speculators who are manipulating oil prices for their own benefit.

• For the long term we will develop our alternative, innovative and renewable energy sources to build a cleaner, safer and energy-independent future.

Democrats in the House believe it is time for a new energy policy. In the chart below you can see some of the most critical energy bills recently passed by the House that directly confront this crisis:

Comprehensive American Energy Security & Consumer Protection Act (H.R. 6899), Passed: September 16, 2008; 236-189 (Dem: 221-13, Rep. 15-176)

	Consumer Energy Supply Act (H.R. 6578), Failed to receive 2/3 support on July 24, 2008; 268-157 (Dem: 231-0, Rep. 37-198)
	Drill Responsibly in Leased Lands (DRILL) Act (H.R. 6515), Failed to receive 2/3 support on July 17, 2008; 244-173 (Dem: 218-11, Rep. 26-162)
	Saving Energy Through Public Transportation Act (H.R. 6052), Passed: June 26, 2008; 322-98 (Dem: 231-0, Rep: 91-98)
	Energy Markets Emergency Act (H.R. 6377), Passed: June 26, 2008; (Dem: 232-0, Rep: 170-19)
	Farm Bill with Historic Investment in Affordable Biofuels and Beefed Up Oversight on Market Manipulation (HR 2419); President’s Veto Overridden: May 21, 2008; 316‐108 (Dem: 216-14, Rep: 100-94)
	Renewable Energy and Jobs Act (HR 6049); Passed: May 21, 2008; 263-160 (Dem: 228-1, Rep: 35-159)
	Gas Price Relief for Consumers Act, Holding OPEC and Oil Companies Accountable for Price Fixing (HR 6074); Passed: May 20, 2008; 324-84 (Dem: 221-2 Rep: 103-82)
	Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act (HR 6022); Passed: May 13, 2008; 385‐25 (Dem: 223-0, Rep: 162-25)
	Repeal Profit‐Rich Big Oil Companies, Invest in Renewable Energy and Energy Efficiency (HR 5351); Passed: February 27, 2008; 236-182 (Dem 219-8, Rep: 17 174)
	Energy Independence Law with Market Manipulation Ban & New Vehicle Mileage Standards (HR 6); Passed: December 18, 2007; 314-100 (Dem: 219-4, Rep: 95-96)
	America COMPETES Act with Energy Research & Development of Clean Energy Technologies (HR 2272); Passed: August 2, 2007; 367-57 (Dem: 224-1, Rep: 143-56)
	Crack Down on Gas Price Gouging (HR 1252); Passed: May 23, 2007; 284-141 ( Dem: 228-1, Rep: 56-140)
	Hold OPEC Accountable for Oil Price Fixing (HR 2264); Passed: May 22, 2007; 345-72 (Dem: 220-5, Rep: 125-67)

Click here to download Rep. Becerra's Summer 2008 newsletter focused on high gas and energy prices.