[Congressional Record Volume 164, Number 86 (Thursday, May 24, 2018)]
[Senate]
[Pages S2914-S2915]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                               Gas Prices

  Mr. MARKEY. Mr. President, as we head into Memorial Day weekend and 
the summer driving season, gas prices are up nearly 25 percent since 
President Trump took office. That means American consumers are paying 
$350 more per year to fill up under President Trump, and here is why:
  No. 1, President Trump's incoherent foreign policy has been 
exacerbating the geopolitical risk premium on oil prices and driving 
them up, and President Trump's decision to withdraw the United States 
from the Iran deal is further roiling oil markets. Because of these 
actions that increase risks around the world, gas prices could keep 
going up even more this summer. I call this the ``Trump oil risk tax,'' 
and its impacts are being felt right now.
  The oil risk tax completely wipes out any tax savings from the 
Republican tax scam for the poorest Americans. The lowest 40 percent of 
earners are projected to get roughly $200 this year from the GOP tax 
plan. That is eliminated, obviously, by the $350 more they are paying 
now to gas up thanks to Donald Trump's policies.
  Donald Trump loves having his name on things--towers, steak, 
universities. Now his name is associated with higher gas prices for 
every American family.
  Reason No. 2, while consumers are getting tipped upside down at the 
gasoline pumps, oil companies are benefiting from a $25 billion tax cut 
this year alone from the GOP tax scam. That is on top of the $7 billion 
to $8 billion a year they get in permanent tax breaks and also free 
drilling loopholes. All of that is on top of the $25 billion of tax 
breaks this year alone. Is Big Oil using those GOP tax giveaways to 
help drivers across America? Nope. They are using it to buy back tens 
of billions of dollars' worth of their own stock. Big oil companies are 
using this tax windfall to pump up their own profits rather than to 
help consumers at the pump.
  Reason No. 3, the United States is exporting historic amounts of 
American oil, even while we remain dependent on OPEC and the Middle 
East. Exporting U.S. oil is only a further giveaway to Big Oil. We are 
now exporting more than 2.5 million barrels a day of U.S. crude 
overseas, even while we are still forced to import that exact same 
amount--2.5 million barrels a day--from OPEC and the Middle East, and 
we are sending our oil overseas to benefit foreign nations like China, 
which is getting one-quarter of U.S. oil exports.
  Why would we send our oil overseas instead of keeping it here to help 
our consumers and our security? Well, because Big Oil stands to see 
$500 billion in new revenue over the next 20 years as a result of U.S. 
oil exports because they can charge more for U.S. oil overseas. They 
make more money if they sell it to foreigners than if they sell it to 
U.S. citizens--U.S. consumers. Exporting American crude means our 
consumers are more vulnerable to supply shops and more closely tied to 
rising international prices.
  Reason No. 4, OPEC and Russia are colluding to manipulate oil 
markets. In response to the millions of barrels a day of U.S. oil we 
are exporting, OPEC, Russia, and other nations are working together to 
simply cut their production by an equal amount. You don't need to be 
Robert Mueller to know collusion is going on between Russia and OPEC to 
boost oil prices and hurt American consumers at the pump as they are 
getting ready for the Memorial Day weekend.
  That is why I introduced the OPEC Accountability Act. This 
legislation would require President Trump to negotiate with OPEC, with 
Russia, and other nations to put an end to this cartel that is 
manipulating markets and harming American consumers. This legislation 
would further direct our Trade Representative to take action against 
any country in the cartel that refuses to stop conspiring to raise 
prices.
  President Trump is doing nothing to hold OPEC and Russia accountable. 
It is time for him to immediately begin negotiations with this cartel 
to put an end to their manipulation of the oil markets of the world but 
also of the United States of America.
  Reason No. 5, the Trump administration is attacking fuel economy 
standards that help consumers and reduce our reliance on foreign oil.
  The historic fuel economy emissions standard of 54.5 miles per gallon 
by the year 2025 that is currently on the books is projected to save 
consumers more than $1 trillion at the pump. They will reduce our 
consumption of oil by 2.5 million barrels of oil a day by 2030. That is 
how much oil we import from OPEC every single day. Why would the Trump 
administration seek to eliminate all of the increases in fuel economy 
standards for the vehicles we drive if they know that it will back out 
all of that imported oil from the Middle East? You don't have to be a 
detective to figure this out. They would do it at the behest of the big 
oil companies, the big auto companies, and the Trump administration so 
that they can put these

[[Page S2915]]

fuel economy standards in their crosshairs.

  The Trump administration is in the process of making a U-turn and 
putting us in reverse on these critical fuel economy emissions 
standards. That will mean that consumers will pay even more at the 
pump, and it will mean that we will be even more reliant on oil from 
OPEC and other foreign nations and unstable regions around the world.
  President Trump likes to tout American energy dominance, but thanks 
to his policies, it is high gasoline prices that are dominating 
American consumers' pocketbooks. President Trump says his agenda is 
``America First,'' but the policies he and the Republicans are pursuing 
are putting Big Oil, OPEC, Russia, and China first and American 
consumers last. It is time for this to end. It is time for us, in our 
country, to have a debate about this oil agenda.
  The President always says that he wants to have an agenda that is 
``all of the above''--meaning every energy source--but when you examine 
it very closely, it just comes down to oil above all. We are seeing 
that, and the consumers are paying the price at the pump. We need to 
ensure that everyone in our country understands who is responsible, 
whose name is on this price increase, and that name is Donald J. Trump. 
They are his oil policies. It is his foreign policy that is creating 
this problem for every consumer as we head into the Memorial Day 
weekend and as we continue throughout the summer and into the rest of 
this year and next year.
  It is a very important issue for every American. They are going to 
feel it in their pocketbooks because the tax break that the President 
is touting is going to be completely wiped out by the high energy 
prices that will go right to the Koch brothers, right to Big Oil, and 
right to OPEC.
  If the President wants to do something about this, he should call up 
his pals, the Saudi Arabians. He should call up his pals in the United 
Arab Emirates. He should call up his pals in the big oil companies and 
bring them in and tell them that he wants this to end, that he wants 
there to be lower oil prices, that he does not want them to be taking 
advantage of this tight American marketplace as we export 2.5 million 
barrels a day.
  It is time for us to begin to understand what is happening to our 
economy. Ultimately, it is not just going to be drivers at the pump. It 
is going to be businesses. It is going to be large and small who are 
going to be impacted by this, and it is ultimately going to have a 
supreme, negative impact on our economy--not for the oil companies but 
for anyone else who purchases this oil, which is everyone.
  Thank you for the time.
  I yield back.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The bill clerk proceeded to call the roll.
  Mr. McCONNELL. Mr. President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER (Mr. Kennedy). Without objection, it is so 
ordered.

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