Issue Position: Combating High Gas Prices

Issue Position

Senator Menendez understands that for too long Americans have been at the mercy of oil and gasoline prices: when prices go up, we all feel the pinch. Unfortunately, many people do not have an alternative to astronomical gasoline prices -- they have to drive to work and get their kids to school, no matter the cost.

That's why Senator Menendez promotes policies that will allow us to use less oil. By investing in more efficient vehicles we will get where we need to go without having to stop at the bank along the way. Furthermore, if we can power our vehicles with electricity, natural gas, or have sensible transit options nearby, then oil will finally get the competition it needs to keep gas prices low.

Highlights:

Supporting Better Gas Mileage. Endorsed the most recent increased CAFE Standards. Senator Menendez is a strong supporter of President Obama's fuel economy standards, which will reach 54.5 miles per gallon in 2025 and is estimated to save Americans $68 billion in fuel costs by 2030. Whether or not gasoline prices remain high, consumers can save money by going twice as far on every gallon of gasoline they purchase.

Fighting for Public Transportation. Authored and helped pass a bipartisan transportation bill that was enacted into law and brought New Jersey an extra $70 million a year in transit formula funding. As chair of the Senate subcommittee with jurisdiction over public transportation, Senator Menendez has been a champion of robust transit funding, allowing people to get where they need to go without having to fill up their gas tank.

Creating Alternatives to Oil for Transportation. Authored the NAT GAS Act that would provide incentives for the purchase of natural gas vehicles. Natural gas is an inexpensive alternative to petroleum fuels and can also help improve urban air quality. Senator Menendez also strongly supports providing incentives for electric vehicles. These vehicles provide transportation without tailpipe pollution and without needing to visit the gas station.

Keeping American Oil in America. Introduced the American Oil for American Families Act to ban the export of fuels derived from oil drilled on public lands and waters. It simply doesn't make sense that New Jersey families continue to pay high prices at the pump while we're exporting gas to other countries. For the first time since 1949 the U.S. is exporting more gasoline, diesel and other petroleum fuels than we are importing. Senator Menendez believes if we take on the environmental risk of drilling, we should also benefit from the product -- especially with such high fuel prices.

Protecting Taxpayers from Oil Companies. Introduced legislation to encourage oil companies to drill on leased lands rather than holding the taxpayers' land hostage to pad their own oil reserve numbers. Oil companies are currently sitting on over 50 million acres of public lands and waters they have leased, but have not produced oil or gas on, and Senator Menendez wants to see that change. The bill mandates that oil companies either produce on or seek to develop their existing federal leases, or give them up for someone else to use.

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