Rep. Watson Takes Action To Bring Down Gas Prices

Press Release

Rep. Watson today outlined the series of steps Congress has taken to help bring down the cost of gasoline and deliver relief to drivers across California. In recent days, Rep. Watson backed a new law to suspend filling the Strategic Petroleum Reserve, legislation to invest in renewable energy sources and a plan to hold to hold foreign oil cartels and Big Oil accountable.

"Drivers in California are paying over $4.00 per gallon of gasoline and suffering at the pump," said Rep. Watson. "Congress has worked hard to implement short term solutions to bring down prices and develop the long term strategy we need to make our nation energy independent."

Congress took decisive action to bring down the price of gas and passed legislation to suspend the filling of the Strategic Petroleum Reserve (SPR) through the end of the year. This legislation was signed into law by the President and suspensions have lowered gas prices in the past. While President Bush had the power to stop filling the SPR immediately, he refused to take this step until pressured by Congress.

An overwhelming bipartisan majority in the House also passed Gas Price Relief for Consumers Act of 2008. The legislation gives U.S. authorities the ability to prosecute anticompetitive conduct committed by international cartels like OPEC that restrict supply and drives up prices. The bill also creates a Department of Justice Petroleum Industry Antitrust Task Force and asks the GAO to investigate the effects on competition of prior mergers in the petroleum industry.

House Democrats took another step towards ending our dependence on foreign oil and encouraging the production and use of renewable fuels by passing The Renewable Energy and Job Creation Act provides tax credits for the production of renewable energy sources like solar and wind energy, and incentives for the production of renewable fuels and energy efficient products.

Finally, Congress is working to enact the Farm Bill, which boosts homegrown biofuel production made from biomass and crop byproducts other than grain -- using new technologies. Without biofuels, gas prices could be 15% higher than they are now. It also increases oversight authority to detect and prevent manipulation of energy prices.

"For six years, President Bush and the Republican Congress failed to give us an energy independence plan for America," said Rep. Watson. "Democrats are fighting for a new direction and an energy policy that will reduce our dependence on foreign oil and bring gas prices down."

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