The price of gasoline has risen dramatically in the last few years. Although there are many reasons that oil prices have risen, including conflict in the Middle East and increased demand from the developing world, Schiff believes that the record high profits of oil companies--some posting the highest quarterly profits of any company in history--are exacerbating the problem. He has voted to bring the Federal Price Gouging Prevention Act to the House Floor, which would make it easier for the government to prosecute companies that take unfair advantage of unusual market conditions. Unfortunately, this bill has yet to be considered in the House.
Schiff believes that the best way to lower energy prices permanently is to invest in alternative fuels and fuel efficiency. He has advocated for increased fuel economy standards for many years, and is working to strengthen a Department of Energy program to provide loan guarantees for the manufacturing of advanced technology vehicles here in the U.S.