Failed Energy Policy Leads to Pain at the Pump

Failed Energy Policy Leads to Pain at the Pump

As temperatures hit record highs this week, many New Jerseyans sought relief at the Shore.

Unfortunately, gas prices have also hit record levels this summer, forcing many families to cut back or even cancel their vacation plans.

It didn't have to be this way. The pain we are feeling at the gas pump today could have been prevented by a strong energy policy that looked toward the future, and by taking a tough stand with the OPEC oil cartel and Big Oil companies

Many OPEC nations, including Saudi Arabia, also belong to the World Trade Organization. The WTO prohibits export quotas by its members - but that hasn't stopped OPEC from setting illegal quotas to drive up the price of oil.

I have repeatedly called on President Bush to exert pressure on OPEC through the World Trade Organization, and I introduced a bill that would require such action. So far, however, President Bush has refused to get tough on Saudi Arabia or other OPEC nations. On the contrary, the Saudi oil minister met with the U.S. Secretary of Energy earlier this summer, and not a word was said about ending illegal quotas.

The fact is, President Bush and Vice President Cheney are former oilmen, and their energy policies reflect that.

While gas prices have doubled on their watch, the Bush Administration has focused on tax breaks and other gifts for Big Oil companies that are already enjoying record profits. The latest gift is an Administration effort to open offshore areas for oil drilling, despite the potential damage to our economy and environment.

In the long run, we can't drill our way out of this problem - our nation uses about 25 percent of the oil in the world but we only have about three percent of the reserves. Instead, we need to reduce our dependence on oil through conservation and developing new sources of energy.

After the Arab oil embargo of 1973, our nation got serious about saving fuel, and it worked. We can do it again. America's talented engineers and scientists can still design vehicles that save fuel without sacrificing safety - if we make conserving oil a national priority.

That means setting higher fuel efficiency standards for cars and trucks, and it also means providing more public transportation options so people won't have to drive as much. But the Republican-led Congress adjourned this week without doing anything to improve fuel efficiency.

This summer we celebrated the 50th anniversary of the Interstate highway system. Now I believe it's time to show the same kind of vision and build a passenger rail system for the 21st Century. This would not only save fuel, but also relieve congestion on our highways and airports and reduce emissions that contribute to global warming. But instead of expanding rail service, President Busy has tried to push Amtrak into bankruptcy.

New Jerseyans need real relief from high gas prices. I'm glad that President Bush has finally started to talk about breaking our dependence on foreign oil. I hope he'll follow through by getting tough with OPEC and Big Oil, supporting higher fuel efficiency, and providing more transportation choices.

http://lautenberg.senate.gov/newsroom/franklyspeaking_entry.cfm?id=261401&