Frank Pallone: “From New Jersey, I thank Chairman Scott for the time and all he has been doing with his committee to put this excellent…”

“From New Jersey, I thank Chairman Scott for the time and all he has been doing with his committee to put this excellent bill together. Today, once again, in my opinion, the House is taking action to fight high gas prices and protect consumers by empowering farmers to provide homegrown fuel choices at the pump, an option that costs consumers 40 cents less per gallon. At a time when Americans are paying record-high prices for gas, Big Oil continues to exploit market instability caused by Russia's invasion of Ukraine to rake in record profits. Big Oil companies collectively made $41 billion in profits during the first quarter of this year. Some of these were record highs; others were the highest profits in over a decade. It is abundantly clear that Big Oil companies are more interested in funneling billions in profits to their shareholders and executives than in addressing record-high gas prices for American consumers. The House has to act, Mr. Speaker, to protect American families from this profiteering. That is why we are here today, to preserve and expand the availability of a cheaper and cleaner fuel option for the driving public. The Lower Food and Fuel Costs Act combats fuel prices by allowing for the voluntary, year-round sale of gasoline containing 15 percent ethanol, known as E15 or Unleaded 88. Blending more biofuels like ethanol into gasoline displaces demand for petroleum, helping to bring down gas prices for consumers.…”