It is appalling that Americans are paying record prices at the pumps while the Big Oil companies are making record profits. It is even more appalling that these companies are receiving tax cuts from the federal government that is doing nothing to lower gas prices. My opponent - who has taken nearly $300,000 from oil, gas, and energy companies - has fought time and again for these tax breaks. He has no plan to reduce gas prices in the short term, and his long-term plan will only worsen the situation and continue to give handouts to the oil companies.
I’m proposing a Five Star Plan that will turn this energy crisis around now and keep it turned around:
Common-sense short-term relief
Release a small portion – 7% to 10% - of the Strategic Petroleum Reserve, which was created to address gas crises like this one. Experts believe this will provide immediate relief at the pump without providing an incentive to drive up consumption. We also must close a federal loophole that allows Wall Street speculators to artificially inflate the price of oil, which could reduce the price of oil by up to 25%.
End tax breaks for oil companies making record profits
It is just plain wrong that our nation’s largest oil companies continue to make record profits while we’re paying record prices at the pumps. In fact, some companies are even making more profits for producing less oil. Our taxpayer dollars could be better invested in making alternative energy more affordable for American manufacturers and consumers.
Alternative energy sources for new jobs
I support a robust investment in alternative energy sources that will put Northeast Ohio’s manufacturing base to work and wean our country off of foreign oil. We can provide tax incentives to make hybrid cars just as affordable as every other car. We can provide incentives to encourage Americans to invest in solar panels for their homes. And we can provide incentives to allow manufacturers to produce wind turbines right here in Northeast Ohio, where we have more than 50 miles of lakeshore and yet not one wind turbine on it.
Require drilling on federally leased lands
It’s vital that we increase American oil production, and the oil and drilling companies must do their part to help this country reduce our dependence on foreign oil. And they should start by drilling on the lands they currently lease – or give these leases to companies that will.
Give commuters options
We need to stop operating on the Eisenhower transportation playbook of the 1950s and adjust to the realities of the 21st century by giving commuters a way to get to work without filling the tank. That’s why I am supporting a plan that would expand our commuter rail system using the rail lines that already exist.