Rush, Pallone, and Other Democrats Introduce Legislation to Lower Gas Prices

Rush, Pallone, and Other Democrats Introduce Legislation to Lower Gas Prices

WASHINGTON — U.S. Representative Bobby L. Rush (D-Ill.),
Chairman of the Energy Subcommittee of the House Energy and Commerce Committee, Rep. Frank Pallone (D-N.J.), Chairman of the Energy and Commerce Committee, along with seven other Democrats, introduced the Buy Low and Sell High Act to combat high gasoline prices.

“High gas prices place major financial burdens on families across America, especially ones living off low to moderate incomes. As Members of Congress, we have a responsibility to help Americans
who are suffering,” said Rep. Rush. “While Vladimir Putin’s immoral war is directly responsible for today’s fuel prices, we must take action to bring relief.”

The Buy Low and Sell High Act builds on actions that President Joe Biden has taken in recent months to lower the price of gasoline — which has decreased by more than $1.30/gallon since its high
in June. Specifically, the bill would:

Create an “Economic Petroleum Reserve” allowing the Department of Energy (DoE) to buy oil at low prices and sell it at high prices, using the profits to fund:

The deployment of electric vehicle charging equipment Efforts to promote medium- and heavy-duty vehicle electrification

A program to revitalize oil refineries in allied countries throughout the Western Hemisphere to help our neighbors stand up to China and Russia

Strengthen our nation’s energy resiliency by quadrupling the capacity of the Northeast Home Heating Oil Reserve and creating a nationwide network of Strategic Refined Petroleum Product Reserves

Give the DoE flexibility over the timeline for Congressionally mandated sales of oil from the Strategic Petroleum Reserve to
maximize the return to US taxpayers.

Require federal agencies to acquire alternative fuel and electric vehicles to reduce federal petroleum consumption

Ensure that barrels from any of our petroleum or refined product reserves cannot be used to enrich our adversaries by preventing barrels from the reserves from being exported to or controlled by China, Russia, Iran, North Korea, or any other country under US sanctions.

Other original cosponsors of the bill include Reps. Angie Craig (D- Minn.), Jason Crow (D- Colo.), Josh Harder (D- Calif.), Annie Kuster (D-N.H.), Tom O’Halleran (D- Ariz.), Abigail Spanberger (D- Va.), and
David Trone (D- Md.).

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