According to the AAA Fuel Gauge Report, the average cost of a gallon of regular gasoline in Indiana now costs $2.51, up 79% since 2001, when the average was $1.40.  Visclosky says a mix of short and long term energy investments is needed.

“Northwest Indiana families are paying too much for a gallon of gasoline, and relief is needed right now,” said Visclosky, who is the Chairman of the Appropriations Subcommittee on Energy and Water Development. “We need a comprehensive policy that ensures more affordable energy for consumers, reduces our national dependence on foreign oil, and invests in the energy alternatives that will provide a long-term foundation to meet the demands of the future.”

Putting Consumers First

            In the short-term, one of the first steps in reducing the high price of gasoline is to ensure that consumers have access to the most affordable fuel possible.  In 2006, oil company profits totaled $124.9 billion, which was up from $34.2 billion in 2002. Since the new Congress convened in January, the House passed and Visclosky supported the CLEAN Energy Act of 2007, to repeal $14 billion in subsidies and tax breaks for oil companies in order to invest in clean renewable energy and alternative fuels and energy efficiency.  This legislation has not yet been signed into law.

            Visclosky also is a co-sponsor of the Federal Price Gouging Prevention Act, which would give the Federal Trade Commission (FTC) authority to investigate and punish those who artificially inflate the price of energy, applicable to gasoline, oil, natural gas, home heating oil, crude oil, and propane.  

            “With gas prices nearing an all-time record, residents of Northwest Indiana should not have to worry that they are paying artificially inflated prices,” said Visclosky. “It is unacceptable for any company to engage in price gouging, and offenders should be held responsible.” 

Investing in Alternative Energy

Visclosky also believes in order to truly address the energy crisis facing our nation, a substantial investment must be made in the alternative energies that will allow the U.S. to produce affordable, home-grown energy and reduce our dependence on foreign oil. Northwest Indiana is home to an example of this type of investment – the Iroquois Bio-Energy Ethanol Plant.

Congressman Visclosky worked to secure $9.5 million for the construction of the ethanol plant, which is located in Rensselaer, Indiana.  The facility opened in mid-January, and uses corn as the base to produce the home-grown energy.  “If we truly are committed to ending our addiction on foreign oil and to developing affordable and sustainable energy alternatives, then we must continue to seek out opportunities like the ethanol plant in Jasper County,” said Visclosky.

Through his work on the Energy and Water Appropriations Subcommittee, Visclosky has continued to lead the charge for investment in energy technology.  Most recently, Visclosky worked to boost funding for Energy Efficiency and Renewable Energy Resources by $300 million.

            Visclosky says one of the reasons for high gas prices right now is a lack of investment in past years. Investments in energy and conservation were at all-time highs during the oil crisis of the 1970’s, and then our investments dropped along with the price of oil. 

“To ensure we do not let foreign oil-producing nations essentially set gas prices for our country, I believe we need long-term investment, year after year, that will strengthen our national security, create new economic opportunities, and provide more affordable fuel costs for everyone in Northwest Indiana.”