Article Share: US Senate Democrats ask Trump to act on rising gasoline prices

From The Oil & Gas Journal:

US Senate Democrats ask Trump to act on rising gasoline prices

05/24/2018

Four US Senate Democrats, including Ranking Minority Member Charles E. Schumer (NY) and Energy and Natural Resources Committee Ranking Minority Member Maria E. Cantwell (Wash.), have asked President Donald Trump to act in response to rising gasoline prices as the summer driving season gets under way.

“Today, we call on you to use all your authority to take timely action to pressure the Organization of Petroleum Exporting Countries and cooperating countries to increase world oil supplies to lower prices at the pump,” they said in a May 23 letter, which also was signed by Sens. Edward J. Markey (Mass.) and Robert Menendez (NJ).

“The impact of rising fuel prices on our economy and on family budgets is significant and widespread,” they added. “According to a recent analysis by Goldman Sachs, the run-up in oil prices will roughly cancel out the effects from tax reductions this year, with the greatest impacts on households that can least afford it.”

Energy and Natural Resources Committee Chair Lisa Murkowski (R-Alas.) immediately responded after the four Democrats held a press conference where they released their letter.

“I agree that OPEC’s supply restrictions are driving prices higher and should be addressed, but I was stunned to hear my colleagues encouraging more production from the likes of Iran and Saudi Arabia, rather than right here in America, as the solution,” she said on May 23.

“This is pretty simple. If you don’t support access, leasing, production, pipelines, refineries, or the reasonable regulation of all of those, you’ll be left at the mercy of countries that don’t like us,” Murkowski maintained.

Original Article