Menendez Introduces Bill to Keep American Oil at Home, Stabilize Rising Gas Prices

Menendez Introduces Bill to Keep American Oil at Home, Stabilize Rising Gas Prices

   

WASHINGTON, D.C. – U.S. Senator Bob Menendez (D-N.J.) today introduced legislation that would lower gas prices and bring relief to motorists hitting the road during this Summer travel season. The American Oil for American Families Act would ban the export of American crude oil and petroleum products from federal lands and waters. According to Gasbuddy.com, the national average cost for a gallon of regular gas in New Jersey and across the nation is hovering around $3.00.

“After decades of Big Oil fighting to repeal the ban on exporting crude oil, the Republican-led Congress gave them their big win in 2015. This benefits the oil industry but does nothing to benefit hardworking Americans,” Sen. Menendez said. “My bill is simple. It says if you drill for oil on federal lands, that oil has to stay here in America to help lower gas prices. Whether it’s offshore rigs in the Gulf of Mexico or drilling in the pristine Arctic wilderness, there’s something seriously wrong about using public resources for the exclusive profit of the oil industry. Oil drilled on American land should mean lower prices for the American people.”

By keeping a portion of American-produced oil at home, the bill aims to improve energy security, lower domestic gas prices, and ensure that federal lands are being used for the good of U.S. residents, rather than to increase oil profits through access to higher-priced foreign markets. This would reduce American reliance on foreign oil by providing a significant cushion against global instability and OPEC’s artificial supply constraints. The U.S currently imports about 300 million barrels of crude and petroleum products per month.    

Sen. Menendez held a press conference in New Jersey ahead of Memorial Day Weekend where he laid out a four-point plan to stabilize gas prices that includes passing the American Oil for American Families Act.

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“You’re in for some sticker shock as you hit the road. Gas prices are on the rise once again,” Sen. Menendez said.  “But I refuse to sit idly by while New Jersey families get squeezed for every last penny.  At a time when Big Oil is raking in billions in massive tax giveaways, we must protect consumers from massive gas bills.  That’s what this four-point plan is all about—standing up to Big Oil and putting middle class families first.” 

Senator Ed Markey (D-Mass.) signed on as an original cosponsor.

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