Oil & Gas

I support smart, safe, oil drilling, but I do not believe we should open up our most sensitive and treasured public lands to drilling.  We must be careful not to make shortsighted decisions whose long-term ramifications could be the destruction of fragile ecosystems that can never be restored.

The single biggest contributor to the cost at the pump is Wall Street speculation on the oil market.  More than 70 percent of activity on the oil futures market is made up of those who have no long-term interest in the product itself.  Those speculators have increased the cost at the pump for American consumers an estimated 25 to 40 percent.  I believe we should set strong limits on the amount of the overall oil market a single speculator can hold. There is no single fix to the high cost of oil, but I firmly believe that more oversight of the industry will ensure that consumer’s pocketbooks are protected at the pump.  I will continue to advocate for policies to protect the American people from unfair pricing and practices that unnaturally escalate the price of oil.

President Obama has called on Congress to repeal many of the subsidies we give to oil companies, and I agree with him.    We should promote domestically-produced natural gas, clean renewable resources like wind and solar power, and new technologies that help us use energy much more efficiently by putting in place the right incentives. Instead of subsidizing the fossil fuels of the last century by giving away $4 billion of taxpayer money each year to oil companies that are more profitable than ever, we should be investing in a clean, renewable energy future. We should promote domestically produced natural gas that is extracted in an environmentally-responsible way.  That includes protecting water sources from pollution caused by hydraulic fracturing. 

High gas prices have hurt all American families.  The only way our country can be sure to limit our exposure to price increases at the pump is to reduce our reliance on gasoline.  In August 2012, the Obama administration finalized regulations to double average fuel economy for American cars.  The agreement reached with the auto industry, labor and environmental groups means that the average car will travel 54.5 miles on a single gallon of gas by the year 2025.   The new standard will save the average car owner $8,000 over the life of their car.  It will also allow the U.S. to reduce oil consumption by as much as 2.2 million barrels per day by 2025.   That is more than half the oil we import from OPEC.   I commend the President for using his authority to set such this ambitious yet achievable standard.   

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    repName Jan Schakowsky  
    helpWithFedAgencyAddress Chicago Office
    5533 N. Broadway
    Chicago, IL 60640
    district 9th District of Illinois  
    academyUSCitizenDate July 1, 2017  
    academyAgeDate July 1, 2017  
    academyApplicationDueDate October 20, 2017  
    repStateABBR IL  
    repDistrict 9  
    repState Illinois  
    repDistrictText 9th  
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