Jeff Bingaman: “I will oppose that amendment tomorrow when the vote is cast, and I urge my colleagues to do the same. The high price of…”

“I will oppose that amendment tomorrow when the vote is cast, and I urge my colleagues to do the same. The high price of oil and gasoline and diesel that are refined from that oil is creating a very substantial economic burden on the American consumer and on the U.S. economy. At the close of business Friday, the price of oil stood at about $126 per barrel on world markets. The average price of gasoline in this country was around $4 per gallon. This reflects a dramatic increase over prices a year ago. The increased cost is difficult for many Americans to avoid because many Americans commute to work or they otherwise need to travel substantial distances where there is no ready alternative to the use of their private vehicles. To the extent Congress and the administration can take action to reduce the burden of this increased cost, we should do so. Unfortunately, the amendment of the Republican leader is not a credible proposal for reducing that burden.”