Ms. CHU. Mr. Speaker, have you been to the gas station recently and been shocked? Gas is above $4 a gallon, in many parts of the country, and climbing. That's 29 cents more than only a month ago. Families everywhere are feeling the pinch.
It doesn't make sense. Supply is up. We've quadrupled U.S. drilling rigs over the past 3 years. Oil production is at its highest in a decade. Last year, the import of oil fell to its lowest level in 16 years.
The answer is Wall Street speculators who buy oil and hoard it. They take it off the market and lower supply until the price goes way up. Then they sell it and make a killing off the American people. That's not fair.
We can't drill our way out of this problem. We must end Wall Street speculation, end subsidies for the oil companies, and end the political rhetoric. Let's have real solutions to the problems.