Gasoline Prices: New Legislation and Proposals

Description:

This report discusses policy options for Congress regarding gas prices. The high price of gasoline was an important consideration during the debate on major energy legislation, which ended August 8 as the President signed the Energy Policy Act of 2005, H.R. 6 (P.L. 109-58). However, prices continued to surge, spiking at the end of August when Hurricane Katrina shut down refining operations in the Gulf of Mexico. The continuing crisis renewed attention to some issues that were dropped or compromised in the debate over P.L. 109-58. A large number of factors combined to put pressure on gasoline prices, including increased world demand for crude oil and U.S. refinery capacity inadequate to supply gasoline to a recovering national economy. The war and continued violence in Iraq added uncertainty and a threat of supply disruption that added pressure particularly to the commodity futures markets.

Creator(s):
Location(s): United States
Creation Date: March 3, 2006
Partner(s):
UNT Libraries Government Documents Department
Collection(s):
Congressional Research Service Reports
Usage:
Total Uses: 27
Past 30 days: 0
Yesterday: 0
Creator (Author):
Creator (Author):
Creator (Author):
Publisher Info:
Place of Publication: Washington D.C.
Date(s):
  • Creation: March 3, 2006
Coverage:
Place
United States
Description:

This report discusses policy options for Congress regarding gas prices. The high price of gasoline was an important consideration during the debate on major energy legislation, which ended August 8 as the President signed the Energy Policy Act of 2005, H.R. 6 (P.L. 109-58). However, prices continued to surge, spiking at the end of August when Hurricane Katrina shut down refining operations in the Gulf of Mexico. The continuing crisis renewed attention to some issues that were dropped or compromised in the debate over P.L. 109-58. A large number of factors combined to put pressure on gasoline prices, including increased world demand for crude oil and U.S. refinery capacity inadequate to supply gasoline to a recovering national economy. The war and continued violence in Iraq added uncertainty and a threat of supply disruption that added pressure particularly to the commodity futures markets.

Physical Description:

14 Pages.

Language(s):
Subject(s):
Partner:
UNT Libraries Government Documents Department
Collection:
Congressional Research Service Reports
Identifier:
Resource Type: Report
Format: Text