Marcy Kaptur: “the American people are desperately struggling to understand why our Federal Government is ignoring their economic…”

“the American people are desperately struggling to understand why our Federal Government is ignoring their economic plight. The average price of gasoline now sits at $3.28 and it is rising. Only a month ago, Americans paid $3.16. A year ago, they paid $2.67. Months away from the peak of the summer driving season, the American people can expect to see this trend get only worse. In 1996, the United States began its plunge into nearly total dependence on imported petroleum. With 10 years of oil deficits continuing to plague our economy, we have spent too much time talking and not enough time acting. Our lack of energy independence translates into a true loss of liberty. Since the Bush administration assumed office, our Nation is importing a billion more barrels of petroleum a year. A billion barrels more. By 2007, the trade deficit of oil imports had risen to $293 billion, accounting for a third, over a third, of the total $815 billion U.S. trade deficit. This last statistic is truly sobering. But for this year of 2008, 51 percent of the total U.S. trade deficit, over half, is now the result of imported oil. Over half of our structural trade deficit flows directly from the increasing cost of oil. Again, this equals dependence for America, not independence. It is an abrogation of our birthright as a Nation to allow us to continue in this position.”