Washington, DC (June 25, 2008) – With gas prices in Texas averaging $3.83 per gallon, Congressman Rubén Hinojosa (TX-15) today backed three pieces of legislation that will help make America become more energy independent and help provide relief to Americans struggling with high gas prices.

“Every day, families and businesses in Texas struggle with record prices at the gas pump,” said Hinojosa. “Today, Congress took action to crack down on Wall Street speculators who experts say are driving up the price of oil and to make public transit more affordable.”

Bills considered on the House floor today included:
 
The Saving Energy Through Public Transportation Act of 2008: This bill gives grants to mass transit authorities to reduce public transit fares, giving consumers a cost-effective alternative to $3.83 per gallon gasoline.   The bill’s $1.7 billion in mass transit grants for the next two years could also be used to expand transit services and for the escalating operating costs of public transportation and would be available to both rural and urban areas.
 
The Energy Markets Emergency Act: The Act directs the Commodity Futures Trading Commission to use it full authority and most potent emergency tools to curtail excessive speculation and other practices distorting the energy market. Rampant speculation has been cited as one cause of the spike in gas prices.
 
Prior to today’s votes, Democrats have taken action to make America more energy independent and bring down the cost of gasoline. Democrats have previously passed legislation that has been signed into law that will suspend the filling of the Strategic Petroleum Reserve from June 30th through the end of the year, creating more supply—and potentially putting the brakes on higher prices. The House also approved the Gas Price Relief for Consumers Act of 2008.  The legislation gives U.S. authorities the ability to prosecute anticompetitive conduct committed by international cartels, like OPEC, that restricts supply and drives up prices.  

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