Running on empty: Failing to address high gas prices
The average price of regular gasoline around the country is $3.92 per gallon. This is the third time in four years that prices have spiked above $3.90 per gallon. Today, the American Security Project released a new report “Cause & Effect: U.S. Gasoline Prices” that looks more deeply at the root causes of today’s high gasoline prices, and punctures some of the assertions and rhetoric that both political parties use about gas prices.
While Republicans offer legislation to expand domestic production of oil or remove regulations on energy production, Democrats call for tightening regulations of oil market manipulation and a release of oil from the Strategic Petroleum Reserve. Unfortunately, the global nature of the oil market means that none of these solutions will actually work to meaningfully and durably reduce gasoline prices.