We can and should develop more American resources. Currently only 2 percent of our offshore and 5 percent of our onshore federal lands are leased. Federal fiat should not bottle up these vast domestic resources. Nor should the president attempt to use the SPR as a way to manage domestic gasoline prices in an election year.
This bill will ensure that if the White House draws down our current supplies in the SPR, they will be replaced with additional domestic resources. This added supply not presidential micromanagement will help keep prices in check moving forward.
Taken together, these two measures will lower costs on domestic refineries and increase the amount of American energy resources. Reducing regulatory burdens and expanding supply will lead to lower prices at the pump not through the heavy hand of the federal government setting quotas or producing more red tape but by relying on the market power of supply and demand.
Unlike the last Democratic majority that brought forward legislation loaded with thousands of pages of mandates and taxes, our approach is different. These two bills are simple, targeted, straightforward solutions to reduce gasoline prices.
While the president and others in Washington continue to give speeches vilifying businesses and blaming someone else, Congressional Republicans plan to advance these common-sense bills in the next several weeks. We hope like-minded Democrats will join us.
Rep. Fred Upton (R-Mich.) is chairman of the Energy and Commerce Committee.