Amendment would address oil market uncertainty that’s preventing increased domestic production in order to ease prices
Washington, D.C. – Today, U.S. Senator John Hickenlooper introduced an amendment in the Senate Commerce Committee to lower gas prices for consumers. The amendment would modify the Transportation Fuel Market Transparency Act, a bill to stop oil and gas companies from price-gouging Americans.
“Americans are feeling the pain at the pump, partly because of supply shortages from the pandemic, but also Putin’s war on Ukraine,” said Hickenlooper at the hearing. “Long term, we need to double down on clean energy. Short term, we need more domestic production.
“My amendment would allow us, in short order, to boost domestic production, get barrels to Europe to help our allies, lower prices at the pump for Americans, and hurt Putin by cutting into his profits”
Hickenlooper’s amendment would commit the federal government to refill the Strategic Petroleum Reserve with oil from American companies when oil prices drop below $70 per barrel, excluding any company found guilty of price-gouging by the Federal Trade Commission.
The commitment to buy from producers would remove uncertainty from the volatile oil market that’s preventing companies from increasing domestic oil production in the short term.
Video of Hickenlooper’s remarks at the hearing is available HERE.