A Vacation from Gas Prices?

The following is an Op-Ed piece by Jon Powers, Democratic candidate for Congress in NY-26: as seen on Rochester Turning (Summer Relief at the Gas Pump)

Summer Relief at the Gas Pump

 

 

As Memorial Day approaches, many working families across Western New York are preparing their summer plans and struggling to find ways to afford our skyrocketing gasoline prices.  The price for a gallon of gasoline is now over $3.85 and approaching $4 in Western New York, which means that car owners who have a 15 gallon gas tank are now paying almost $60 to fill up at the pump. 

 

This is a direct reflection of Congress’ lack of foresight on a clear energy policy that shifts the focus from the consumption of foreign oil to innovations that allow cars to get better mileage and alternative energies that we can create right here in America.  This new direction would reduce our dependence on foreign oil, create good jobs right here in America, and ultimately reduce the costs of fueling our cars.  Any shift in policy that moves away from foreign oil is going to take time, but the truth is, Congress has had 30 years of time to address this problem.

 

In 1975, the United States created the Strategic Petroleum Reserve as a result of the 1973 energy crisis.  The purpose of the reserve was to mitigate supply disruptions so that Americans would not be left dry and allow the United States a safety net while Congress moved aggressively to create a sustainable alternative energy resource.  Basically, it was created for times like these, times when our gasoline prices are going through the roof as a result of our addiction to foreign oil.

 

By adding oil to the reserve when prices are low, Congress made a sound investment that can provide a buffer to the economy and avert a crisis now that prices are high.  But by continuing to stockpile oil at today’s high prices, Congress is actually making the problem worse for consumers by simultaneously increasing demand for oil and reducing the supply available to the rest of us.

 

Today, Congress is voting on a bill sponsored by Senator Byron Dorgan of North Dakota which may have a temporary solution to the oil fix America finds itself in today.  This legislation, experts say, could lower the price of a gallon of gasoline by as much as 24 cents.  That could save car owners approximately $3-$5 each time they fill up at the pump.  Senator Dorgan wants to divert 70,000 barrels of oil deposited into the Strategic Petroleum Reserve each day into our economy in order to help increase access to oil and thereby lower the price of gasoline.    

 

The Strategic Petroleum Reserve currently contains 702 million barrels of oil and is filled to 97% of its capacity.  Using 70,000 barrels is not the answer to our long term problem, but in the short term it will provide some of the relief that many Americans need this summer. 

 

A lasting solution requires developing an energy policy that weans America from our oil addiction and allows us to be self-reliant with regard to our energy needs..  I hope that Washington will have the courage to do that now, and developing such a plan would be one of my top priorities in Congress.  But, in the meantime, Congress should pass Senator Dorgan’s bill and give us all a brief reprieve from ever-escalating gasoline prices.  This is a summer break that many Americans need.