We are all feeling the pain at the gas pump. The increased cost passed on to consumers is the combination of a set of complex factors. I am working with my colleagues in Congress to implement and develop a balanced short and long term energy policy for our nation. I hope the following information will shed some light on our current energy situation.
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Products Made from a Barrel of Crude Oil, 2007 Note: A 42-U.S. gallon barrel of crude oil yields between 44 and 45 gallons of petroleum products. These totals are greater than 42 gallons due to processing gain.
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Source: Energy Information Administration- http://www.eia.doe.gov/
We need to implement the following steps to reduce gas prices and achieve energy independence. Produce drilling on the 68 million acres currently under lease to the oil companies today (35 million acres which are offshore) including over 22 million acres in the National Petroleum Reserve-Alaska. Punish those who are gouging, hoarding and speculating on oil commodities, which is increasing the price of oil by an estimated $20 to $70 per barrel. Promote alternative and renewable energy sources. We can no longer afford to be hooked on just one commodity.
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