Is there anything actually that congress can do to lower gas prices?

Question

Or is this actually a supply and demand problem with the oil companies. People seem quick to blame the president, and although I am not a fan of Bush, I find it hard to believe that he is sitting in the oval office continually raising prices while saying mwuahhahaha in the background.

There is also the argument that gas prices ARE higher but are where they should be in this day and age, taking inflation into account.

Either way I wish they would go down.

Answer 1

Well the price of gasoline is based on the price of a barrel of oil. The President does not control this price. Although I strongly believe our elected officials could do something to bring the prices of oil down, they most likely will not. They had rather get on Yahoo and ask questions about global warming or family values, and skip the "real" issues like soaring cost for health insurance, higher taxes for working Americans, and the price of gasoline are just a few issues I would like to see brought up for discussion.
Keep in mind that when gas (and/or oil) prices go up, so does everything else. So I agree with you totally and would like to see the price go down, although I expect gas will be $4 a gallon before the end of this summer.

Answer 2

Gas Prices Play Big on the Campaign Trail
by Brian Naylor

All Things Considered, April 25, 2006 · When gas prices spike in an election year, political candidates scramble to offer their ideas for improving the system. Recent record-high gas prices have lawmakers from both parties demanding answers -- and possibly seeking a political advantage.

Democrats are pouncing on the price rise, hoping that voters this fall will blame the Republicans, the party in power. GOP lawmakers, meanwhile, have been trying to deflect the blame, saying Democrats blocked proposals to increase domestic energy production.

It's not clear whether Congress can do much, if anything, to drastically change gas prices. There are expected to be more hearings and more calls for legislation and investigations. But in the end, Republicans know if prices don't come down, voters are unlikely to be in a forgiving mood this fall.


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Answer 3

Back in the 70's Congress, the EPA, and the Alaskan legislature approved the construction of the Alyeska Pipeline based on the guarantee that the oil companies would provide crude to the pipeline at a minimum of 90% flow for the next 100 years, making the ecological risks worth it. Now that the number of producing wells on the North Slope has over quadrupled, the oil companies have reduced the flow to less than 30%, and most of that crude is refined into gasoline and shipped to Japan at $4 a gallon...
In 2005 Congress held hearings, requiring testimony by oil company executives.... the price of gas at the pump promptly dropped $1 a gallon.... you figure it out... It's called price fixing, and corruption.

Answer 4

Yes, there are a few things they can do.
1) First (and easiest) is take off the taxes. The Government makes more from taxes than the oil companies make in profit, by a big margin.
2) Increase supply by drilling in the U.S. and in coastal waters.
You'll have to fight the environmental extremists for this.
3) Build adequate refineries and remove the silly demands for all the various formulations for gasoline demanded by each community across America.
You'll have to fight the environmental extremists for that also.
4) Apply the same requirements for efficiency to small trucks and SUV's that are applied to your family car.
5) Best is to keep the prices high until the American driver DEMANDS smaller, more efficient automobiles!

Answer 5

'Big Oil' has sent press releases to the media, suggesting that oil prices are high because they haven't built any new refineries for years and years. Well, if that's the case, why haven't gasoline prices spiked before this? I think it's more than an issue of 'supply and demand'; I think it's a matter of price fixing and price gouging - which is something that Congress should investigate. But, when all you have is 535 cowardly, arrogant, greedy, incompetent, vile, corrupt cretins who are "in cahoots" with the oil companies, that's not about to happen. Besides, it's not hurting them and their campaign contributors; it's only hurting the poor working stiffs who have trouble enough trying to make ends meet. -RKO- 05/22/07

Answer 6

Gas prices aren't really dictated by OPEC anymore. They're dictated by demand. It used to be true that OPEC had surplus capacity it didn't use to keep the prices high, but they are all pretty much operating at peak capacity now.

Prices are being dictated by demand. China and India's growing demand for oil, and our continued demand, is driving up prices. The only true relief from high gas prices is going to be alternative fuels. Congress should act quickly to begin development of alternative fuels that will allow us to sidestep the global oil markets which are becoming tighter and tighter every year.

Answer 7

there is not any longer something they might do. The gas tax holiday is a fraud (regardless of the reality that i think of repealing the gas tax thoroughly is a good suggestion). Going after speculators is merely an identical style of economic kookery that has impoverished lots of the international. there is not any way that the Congress might ever repeal the guidelines that make it unlawful to construct a sparkling refinery or improve latest refineries, the guidelines that restrict drilling for oil in us of a of america, or the Federal Reserve Act (the act that created the federal enterprise that has been wrecking our distant places funds for the final ninety years). there is not any way that the particular pastimes that income from the ethanol scam will enable that counter-efficient government software it relatively is dropping gas and decreasing the nutrition grant to be stopped. on the grounds that the only place the place the Republican occasion's nominee needs to decrease government is in protections of basic civil liberties (which contain his heinous opposition to habeas corpus, which protects human beings from being detained indefinitely in a detention center cellular with out rates on the whim of a central authority bureaucrat or the president and his longtime help for "gun administration" regulations that flagrantly violate the 2d modification and for assaults on the unfastened speech of people who disagree together with his place on gun rights) and has many times attacked the economics occupation, i do no longer think of electing Republicans is a good suggestion. At this component, the only decision is to look outdoors of the RepublicRAT occasion.

Answer 8

Remove a lot of the paper work and restrictions on building new refineries. That hold the gas supply low, because it is too difficult for a company to build a refinery.

Answer 9

My highways suck

The tolls continue to increase

Public transportation--especially in Philly--is a travesty


So, where in the world is all of this tax money going? Aside from the obvious mismanagement of the tax they already do steal...er, collect...from us, I'd be willing to bet there's a lot of wiggle room.

But when was the last time any of us saw a significant tax DEcrease?

Answer 10

There is something they really need 2 do to lower gas prices 4 real