Cantor: A Four-Point Plan to Lower Gas Prices
WASHINGTON, DC - Chief Deputy Majority Whip Eric Cantor (R-VA) today offered a four point plan for congressional action to lower gas prices for American families.
"It is going to take two steps to solve America's energy challenges, a short-term solution and a long-term strategy for real energy security," Cantor said. "In the long-term, America must get serious about investing in alternative energy technologies and addressing America's reliance on fuels from threatened regions of the world.
"In the short-term, tariffs and regulations are causing undue gas price increases on American families. There are four simple steps that Congress can take action on today to provide short term relief for gas prices.
Cantor's four point plan includes:
1) Waive the tariff on imported ethanol.
* "America is importing ethanol, but the 54 cent per gallon tariff on these imports is taxing the budget of American families," Cantor said. "The solution is to waive this tariff so supplies can meet demand."
2) Waive "boutique fuels" regulations.
* "There are approximately 17 different formulas of gasoline that are required by law in different parts of the country," Cantor said. "Because a formula of gasoline for one region cannot be sold in another region, this limits the amount of supply available region to region. We need to waive these regulations so gasoline supplies can get to where they are needed to meet demand and lower prices."
3) Temporarily end deposits to the Strategic Petroleum Reserve
* "Continuing to add to the Strategic Petroleum Reserve will only serve to put a tighter squeeze on gasoline supplies and increase prices," Cantor said. "We need to temporarily end deposits to the Strategic Reserve."
4) Waive regulations that limit refined gasoline imports.
* "Government regulations are preventing America from importing refined gasoline to meet demand," Cantor said. "With refineries at maximum capacity, we need to temporarily meet demand so prices can come down."