On the recordMarch 14, 2012
the big issue everyone is talking about is gasoline prices. Obviously, they are a scourge on average families and on our national economy. There are many long-term solutions we debate: the pipeline, incentives for green energy, more exploration, nuclear energy, and of course conservation--probably the No. 1 way to, in the long term, reduce imports of foreign oil into the country and reduce the price. But everyone is asking, what are short-term solutions? To me, there is obviously one that would matter more than all the others and that has the best hope of getting something done. So 2 weeks ago, in a letter to Secretary of State Hillary Clinton, I asked the State Department to pressure the Government of Saudi Arabia to use its excess oil capacities as a means to calm oil markets. It has been my position that this is the quickest way to bring down gas prices, and the reason is very simple. The No. 1 thing jacking up prices right now is the fear in the markets that Iran will shut off its production. We have an economic boycott, a majority of nations of the world, of Iran to prevent them from going nuclear. What are they trying to do? They are saber rattling: Squeeze us too hard, we are going to cut off oil. In fact, they cut off oil sales to Britain and France, although those are symbolic because Britain and France do not buy much Iranian oil. But with Iran's saber rattling that they might well cut off oil exports, the price has gone up and up and up.…





