People's Candidate Initiative | Globalization Research | National Security Research

Support H.R. 2415 — A Free Market Solution for "Gas Gone Wild"

John Birch Society
June 4, 2008

Who is to blame for the rising price of gas? Some Americans condemn OPEC for not pumping dry their oil fields as fast as possible, while ignoring why we have allowed ourselves to become so dangerously dependent on foreign oil in the first place. Likewise, other Americans target U.S. oil companies as gougers deserving a punishing windfall profits tax, even though such a tax would simply be passed along to consumers in even higher prices.

However, one congressman has proposed legislation that implicates government policies of extreme environmentalism and inflationary monetary policy as major factors contributing to our gas price woes.

House bill H.R. 2415, short-titled the "Affordable Gas Price Act," [bill text] [CRS summary] was introduced on May 21, 2007 by Rep. Ron Paul (R-TX). The official title of the bill states its purpose:

To reduce the price of gasoline by allowing for offshore drilling, eliminating Federal obstacles to constructing refineries and providing incentives for investment in refineries, suspending Federal fuel taxes when gasoline prices reach a benchmark amount, and promoting free trade.

Read: Rep. Ron Paul's speech introducing H.R. 2415

H.R. 2415 is compilation of proposals for a free market approach to dealing with America's gasoline crisis. It deserves cosponsorship support so that it will receive committee action.

Despite our need to increasingly rely on our own domestic resources the U.S. government has forbidden the development of some major U.S. oil fields. It is unrealistic to expect a nationwide alternative energy infrastructure to materialize quickly enough to prevent major problems for our oil-driven economy.

However, H.R. 2415 would increase refinery and offshore oil production during the transition period to minimize America's oil and gas pinch by further tapping our own energy resources — not just developing new oil fields that are now off-limits but also using other technologies including the conversion of coal to liquid fuels and a heavier reliance on nuclear power.

Of course, in addition to the lack of harnessing our own energy potential and our unnecessary dependence on foreign oil, another important factor in the price of oil is the devaluation of the dollar through inflation. Sec. 9. of H.R. 2415 calls for the U.S. Treasury and the Federal Reserve to produce a report on the relationship between the increase in our fiat money supply (rising at a shocking 16-17% annual rate) and the rise in the price of oil. Such a report would be vital in assessing the federal government's responsibility for rising prices.

Inflationary Federal Reserve policy encourages speculation that drives oil prices higher than a tightening supply alone. Recent talk by politicians about increasing the regulation of speculators might lead to treating symptoms rather than the cause and divert attention from much needed scrutiny of the FED.

H.R. 2415 currently has no cosponsors, which is baffling considering that a group of over 110 Republicans boast of their desire to increase domestic oil production and energy independence. Urge your congressman to cosponsor H.R. 2415. The likelihood that this bill will advance beyond the committee stage and be voted on by the House increases in proportion to the number of cosponsors it has. It is a bonus if your congressman is the chairman, the ranking member, or a regular member of the Subcommittee on Energy and Mineral Resources, to which H.R. 2415 was referred.


Contact your representative in congress at www.house.gov through mail, email, or a phone call. Use the information in this article to support your case for them to cosponsor H.R. 2415 and then support it once it passes the subcommittee.

Related Content

Middle East Countries About To Abandon Sinking Dollar
John F. McManus, John Birch Society, 05.31.2008

Big Government Responsible for Housing Bubble
Rep. Ron Paul, Texas Straight Talk, 05.12.2008

Goldman Sachs: Bilderberg Target Of $200 Dollar Oil Nears
Paul Joseph Watson, Prison Planet, 05.06.2008

151 Congressmen Derive Financial Profit From War
Ralph Forbes, American Free Press, 05.05.2008

The Twilight of Irredeemable Debt
Antal E. Fekete, The August Review, 05.02.2008

Congress Must Act Decisively To Stop Police State ‘REAL ID’
American Free Press, 04.28.2008

Support the Abolition of the Federal Reserve System!
John Birch Society, 02.01.2008


IndyTruth
Education for Freedom

Copyright © 2007 IndyTruth