On the recordMay 16, 2012
I have a couple more things that I'll pick up along the way. Let me just share one of them, since we're on the gasoline issue. You and I go back to our district every weekend. A month ago, 2 months ago, the rage was the price of gasoline. I was doing town halls. I knew you were also, and so I was doing some research about where the gasoline is and what it's being used for and what the cost was. I came across a statistic from the Energy Information Institute that was absolutely surprising to me. The talk on the radio and on television and the talk radio and talk television was that we have this enormous shortage of gasoline, that the threat of a war in Iran was responsible for driving it up, and somehow problems in Nigeria or Venezuela--or wherever--were somehow shorting the market and that gasoline was in short supply. But the information, the statistics were exactly the opposite. There was a glut of gasoline in the United States, so much so--get this--so much so that the oil industry-- Chevron, Exxon, BP, all of the rest--were exporting 28 million gallons of gasoline a day. At the same time they were exporting, they were driving the price up towards $5 a gallon. And we go, wait a minute. What's this all about? You're telling me we have a shortage? If we have a shortage, why are you exporting 28 million gallons of gasoline a day?…





