Bob Menéndez Intros Bill Aimed to Lower Gas Prices
Senator Bob Menéndez (D-NJ) on Wednesday introduced legislation that he says would lower gas prices and bring relief to motorists hitting the road during this summer travel season. The American Oil for American Families Act would ban the export of American crude oil and petroleum products from federal lands and waters. According to Gasbuddy.com, the national average cost for a gallon of regular gas across the nation is hovering around $3. By keeping a portion of American-produced oil at home, Menéndez says the bill aims to improve energy security, lower domestic gas prices, and ensure that federal lands are being used for the good of U.S. residents, rather than to increase oil profits through access to higher-priced foreign markets. This, according to the Senator, would reduce American reliance on foreign oil by providing a significant cushion against global instability and OPEC’s artificial supply constraints. The U.S currently imports about 300 million barrels of crude and petroleum products per month. “My bill is simple. It says if you drill for oil on federal lands, that oil has to stay here in America to help lower gas prices. Whether it’s offshore rigs in the Gulf of Mexico or drilling in the pristine Arctic wilderness, there’s something seriously wrong about using public resources for the exclusive profit of the oil industry. Oil drilled on American land should mean lower prices for the American people,” Menéndez said. More here.