Harder Introduces New Bill to Cut Gas Prices & Stand Up to Russia and China

Press Release

Representative Josh Harder and his colleagues have introduced the Buy Low and Sell High Act which will cut gas prices and reduce America's dependence on foreign oil. Central Valley families still face some of the highest gas prices in the country. Today, AAA reported that drivers in San Joaquin County are paying an average of $5.75 per gallon.

The Buy Low and Sell High Act creates a new "Economic Petroleum Reserve" (EPR) of 350 million barrels of oil which the president can use to protect Americans from oil price spikes due to global events like Russia's war in Ukraine and counter price manipulation from foreign adversaries. The new EPR would make money for taxpayers while keeping gas prices low by immediately buying oil when prices are low (below $60 a barrel) and selling oil when prices are high (more than $90 a barrel). The bill also targets China, Russia, and other adversaries by prohibiting them from importing oil from our nation's reserves -- preventing them from using our own oil against us.

"Valley families are still paying an arm and a leg at the pump and we need to be doing everything we can to get prices back down to Earth," said Rep. Harder. "I was proud to introduce this common sense bill which will help us cut prices at the pump and ban Russia and China from draining our nation's oil reserves. Lower prices for our families. Our adversaries on their heels. There's no reason we can't get this bill passed into law."

The bill also:

Establishes strategic gasoline and diesel reserves in every region of the United States, ensuring product can be deployed immediately during emergencies, such as the Colonial Pipeline malware attack;
Prohibits barrels stored within the SPR from being exported or sold to entities owned, controlled, or influenced by China, Russia, Iran, North Korea, or any other country under U.S. sanctions;
Reduces our reliance on foreign oil and empowers states to lead the transition to electric vehicles (EVs) by investing profits from oil sales in state EV infrastructure programs;
Lowers gasoline prices and improves our energy security

Source