Press Release

Republicans Offer Energy Solutions as Americans Face Prospect of Record High Prices at the Pump


08.15.12

Gas prices across the country are spiking. An article in USA Today warns 2012 is likely to be the costliest year ever at the pump, noting that the national average price for gasoline is up 30 cents since mid-July and is now higher than year-ago levels in 39 states.

Americans are paying a high price for President Obama’s failed energy policies. Since President Obama took office, average gas prices have more than doubled, from $1.84 per gallon up to $3.71 per gallon today. Prices near $4/gallon have become the new normal at pumping stations across the country. These high prices are putting an increasing strain on our already struggling economy, pushing up the cost of business and the price of consumer goods.

While the president continues to stand in the way of American energy development, House Republicans continue to fight for real solutions that will increase the supply of affordable energy and ease regulatory burdens that stifle energy production and use. The House has passed a number of common-sense energy bills this Congress to help cut through the red tape that is contributing to higher fuel prices and blocking access to energy supplies. The Domestic Energy and Jobs Act, which passed the House earlier this summer, takes important steps to increase access to domestic energy supplies and stop regulations that could drive the price of gas even higher. The House has also voted a total of six times to allow for construction of the Keystone XL pipeline, an important jobs and energy project estimated to carry nearly a million additional barrels per day of secure North American oil supplies to U.S. refineries. 

In Case You Missed It…

2012 gas prices head for record

By Gary Strauss, August 14, 2012

Gasoline prices are up sharply in the past month on surging crude oil costs and refinery woes, and now are likely to make 2012 the costliest year ever at the pump.

Nationally, gasoline averages $3.70 a gallon — up 30 cents since mid-July and is now higher than year-ago levels in 39 states. Prices are likely to continue climbing through August, with little relief until after Labor Day.

The swift, month-long, 9% price climb has lifted 2012’s average to $3.61 a gallon, vs. 2011’s $3.51, which had been the most expensive year ever for motorists. Even with demand expected to recede after the peak summer driving season, 2012 will surpass last year’s price, says Brian Milne of energy tracker Telvent DTN.

The run-up comes at a time when prices typically have peaked for the year, and just weeks after decreasing demand and slowing worldwide economic growth pushed prices well off 2012 highs. The trend had prompted some industry experts to forecast $3 a gallon gasoline by autumn. Now, Milne expects a top at about $3.90 before dropping in September. …

For the full article, click here.

Press Release