As some of the pontificators in Washington talk about the end of this great recession and the light at the end of the tunnel, it's hard to put much faith in their predictions when our wallets are being crippled by soaring gas prices. For most of us, an everyday indicator of our economic health is the price we pay at the pump. And if you're anything like me, filling up at $4 plus per gallon is enough to take your breath away.
It's a simple fact that the cost of gas has a direct effect on everything from the cost of groceries, to the cost of your energy bill. So, unless gas prices begin to decline, it's hard to put much stock in a lasting economic recovery.
One of the prime reasons we're seeing such high prices at the pump is that we are far too dependent on foreign oil and the moratorium on drilling President Obama put in place after the tragic oil spill in the Gulf has made matters worse. In response to the moratorium, many oil rigs drilling in that area were forced to pack up and move overseas. This is a simple supply vs. demand issue, in which our government has willingly lowered our supply, thus guaranteeing higher prices when demand increases.
This week, the House of Representatives passed, with my support, H.R. 1231, the Reversing President Obama's Offshore Moratorium Act. This would allow offshore oil and gas leasing in the areas with the most prospective oil and gas resources. It would also put in place an oil and gas production goal and would allow us to tap into the resources we have readily available just off our coasts for our own use.
This is an important piece of legislation that addresses the seriousness of rising gas prices and their effect on the country. I hope the Senate and the President support and pass the legislation so we can give people much needed relief at the pump.