Cardin calls on Senate to lower gas prices, expresses outrage at failure to pass energy act

U.S. Sen. Ben Cardin (D-Baltimore) called on his colleagues to immediately act to lower gas prices during a speech on the Senate floor today.

"Americans are frustrated about the high cost of energy," Cardin said. "They remember that, when President Bush took office nearly eight years ago, a gallon of regular gas cost less than $1.50; today it's at an all-time high of $4.02 per gallon."

"Rising costs at the pump are having a direct, negative impact on families and particularly small businesses that rely on their cars and delivery trucks for their livelihood," he added. "Many are on the brink of going out of business because they cannot absorb the price hikes. I join with the majority of the American public and say the status quo is not acceptable."

Cardin's comments come one day after a cloture motion to proceed to consider S. 3044, the Consumer-First Energy Act of 2008, failed to achieve the necessary three-fifths majority, receiving only 51 votes.

The act would have repealed $17 billion in tax incentives for the oil and gas industries and instituted a 25 percent windfall profits tax on companies that failed to invest in increased capacity and renewable energy sources. It also would have made price gouging for gasoline a federal crime.

 "The Consumer-First Energy Act of 2008 would have made a major difference in the cost of energy here in the United States in the short-term and the long-term," Cardin said. "I'm proud to be a co-sponsor of this bill that would have addressed the root causes of high gas prices by holding the big oil companies, speculators, and OPEC accountable."

U.S. Sen. Barbara Mikulski (D-Baltimore) also supported the measure.

Senate Republicans criticized the legislation, saying it would increase taxes on domestic oil production and reduce production.

In his floor speech, Cardin disagreed, saying, "I happen to believe the oil industry is entitled to make a profit and work in the interest of their shareholders, but not at the taxpayers' expense. In 2005, President Bush said that at $55 a barrel there was no need for the government to subsidize further efforts on behalf of the oil industry. Well, the price is now $140 a barrel, so the $17 billion subsidies we're providing should be reinvested here in America rather than subsidizing even greater profits for oil companies. Let's use that for making this nation energy secure. Let's use it to develop renewable energy sources so we can shake the chains of dependence on foreign oil."

The issue of rising gas prices has been seen across political campaigns, from the presidential race to local elections in Maryland.

In April, state Sen. Andy Harris (R-Cockeysville), who is running for the U.S. House in the 1st Congressional District, called for a one-day special session to suspend the state's gas tax from Memorial Day to Labor Day.

A similar proposal that month on the presidential trail was supported by Sens. John McCain (R-Ariz.) and Hillary Clinton (D-N.Y.), while Sen. Barack Obama (D-Ill.) dismissed it as a "gimmick" and political ploy, calling instead for middle-class tax cuts.

With many pumps across Maryland now over $4 a gallon, Cardin said, the "American public wants us to set aside partisan differences and act responsibly on their behalf. For the sake of our national security, our economy and our environment, we must act quickly."