Dear Friends,
Gas prices have consistently risen for more than 25 straight days now. The nationwide average stands at around $3.74 a gallon— when only a month ago the average was $3.45 a gallon.
Needless to say, energy costs are putting quite a dent in everyone’s wallet right now. This is especially true for small business owners who are already struggling to make payroll, deal with regulations and figure out how to comply with the health care law.
On top of this, Energy Secretary Steven Chu admitted in a Congressional hearing this week that the Obama administration has no intention of bringing down gas prices.
This is unacceptable. We can and should lower the price of energy by pursuing policies that increase refining capacity, expand production on federal lands and allow the full construction of the Keystone XL pipeline. Not only would this reduce energy prices, it would also create thousands of high-quality American jobs.
Next week, our Committee will be holding a hearing on how government regulations and leasing policies are limiting small energy producers and impacting our overall rising energy costs. We must look at every avenue that is hindering growth for small businesses; rising energy costs, along with tax increases and unnecessary regulations, are certainly a part of that equation.
Sam Graves
Chairman
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