Today, Congressman Billy Long spoke out against the increasing costs of gas prices due to turbulence in the Middle East and the President's failed energy policies.
"Five years ago, President George W. Bush warned us about our addiction to foreign oil and since then we have done nothing," said Congressman Long. "Every president since Richard M. Nixon has bemoaned our reliance on foreign oil but none have taken any serious steps to address the issue in a meaningful way. Rising oil prices are having a devastating effect on our economy and the security of this nation. As American motorists fill up their gas tanks they are filling the pockets of dictators around the world. It is time to utilize our ample natural resources and end the West's stranglehold of energy dependence on countries like Libya, Iran, and Venezuela."
For the first time since October 2008, oil prices have hit $100 a barrel due in part to the growing unrest in the Middle East. Even a small increase in gasoline prices has a significant impact on the economy. According to an analyst from Cameron Hanover, for every penny the price of gasoline increases it costs consumers an additional $4 million a day. That increase is equal to over $1.4 billion per year.
The U.S. can help insulate itself from these energy spikes and improve the economy by utilizing America's own energy resources, currently held hostage by the failed Obama administration energy policies. By reversing the administration's policies and ending the drilling moratorium, increasing onshore and offshore production, and by opening up resources around the country such as Alaska and the North Dakota's Bakken formation, jobs will be created as families across the country receive much needed relief at the pump.
"We need an all-of-the-above approach to solve this problem," said Long. "We haven't built an oil refinery in this country in over 35 years. We need more oil, gas, coal and nuclear energy production combined with more wind, solar, hydropower, and geothermal energies. "This will lower prices, create jobs, reduce our dependence on foreign oil, and strengthen our national security."