Gasoline Prices: Issues for the 110th Congress Page: 4 of 14
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Gasoline Prices: Issues for the
110t" Congress
Most Recent Developments
Gasoline prices were reaching toward $3.00 per gallon in the spring of 2007, as
the summer driving season approached and continued maintenance problems in
several U.S. refineries led to tightness in the gasoline supply. (See Figure 1.)
Meanwhile, consumption of gasoline continued above 9 million barrels per day
(mbd) after setting a summer peak of over 9.5 mbd during 2006. (See Figure 3.)
The continued high prices ensured that energy would remain on the agenda in
the new Congress, and on January 18, 2007, the House passed H.R. 6, the Creating
Long-Term Energy Alternatives for the Nation (CLEAN Energy) Act of 2007 as part
of its "100 hours" program at the beginning of the first session. President Bush, in
his State of the Union speech on January 23, proposed cutting gasoline consumption
by 20% in 10 years through increased fuel economy standards and use of alternative
fuels. He also proposed expanding the Strategic Petroleum Reserve (SPR) to 1.5
billion barrels.
Background and Analysis
Legislative Activities
The persistence of high gasoline prices has led to a broad spectrum of proposed
new legislation. Despite passage of the major Energy Policy Act of 2005 (P.L. 109-
58), many Members have continued to explore a variety of measures to increase
supply and reduce demand in the short term, and to reduce the impact of high prices
on consumers. The change in leadership in the 110th Congress is also reflected in
revisiting longer-term policies that were left behind in the process of reaching
agreement on P.L. 109-58.
This report reviews the major legislative initiatives to deal with the gasoline
price issue. To put these proposals in perspective, it first describes some of the
factors that have led to the high prices of both crude oil and gasoline.
Why Are Prices So High?
The run-up of gasoline prices that began in spring 2004 (see Figure 1) climaxed
a period of almost five years during which gasoline prices demonstrated a great deal
of regional volatility but less of an increase at the national level. In 2004, a large
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Behrens, Carl E. & Glover, Carol. Gasoline Prices: Issues for the 110th Congress, report, April 26, 2007; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc807928/m1/4/: accessed April 23, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.