Weekly Update for Tuesday, June 4, 2006
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The Broad Impact of Record Gas Prices In late May, the average price for a gallon of regular gas in our country passed the $3.22 mark, meaning gas now costs more than it ever has before, even after adjusting for inflation. These high prices hit every corner of our state and every business and family feels the pinch. This past week, I met with social services providers in Vancouver , Spokane , and Seattle to talk about how high gas prices affect their work, including meals on wheels and medical transport services. Volunteers at meals on wheels in our state will have to cut back deliveries to seniors and disabled citizens if they aren't able to raise additional funds soon, and many volunteers who help seniors get to vital medical appointments simply can't afford to cover the cost of gas on their own any longer. I've released a new report showing the broad impact of these high prices. This spring and summer, drivers statewide will pay about half a billion dollars more per month than they paid just four years ago. At the same time, oil industry profits have risen from $57 billion in 2003 to $129 billion in 2006. Energy prices also contributed to increases in the Consumer Price Index this year, with consumer prices rising 4.8 percent during the first four months of 2007. Every time oil prices increase by 10 percent for a sustained period of time, we lose between $26 billion and $142 billion in economic growth, and 25 percent of small businesses have raised their prices because of higher energy costs. For the full report, visit: http://cantwell.senate.gov/news/Cantwell_Gas_Prices_Report.doc In the Senate, I'm backing much-needed initiatives to keep gas prices stable and affordable. Legislation I'm pushing would increase vehicle efficiency for the first time in 20 years, reduce our oil imports, make 80 percent of our new vehicles biofuels capable, and extend tax credits that encourage private investment in renewable energy. I'm also sponsoring legislation to make gas price gouging a federal crime and give federal regulators the tools they need to look into oil markets so consumers can have confidence that the prices they pay are fair and market-based. These initiatives should come to the Senate floor later this month when we take up comprehensive energy legislation, and I will work to see each of them signed into law to provide American families and businesses with real relief and long-term stability. Protecting Our Oceans This week is Capitol Hill Ocean Week, and June is National Oceans Month. As chair of the Senate Subcommittee that oversees fisheries and ocean health, I'm committed to making sure we take the steps needed to keep our oceans healthy and slow the harmful effects of global climate change. From protecting Puget Sound and ensuring that global fish stocks don't die out, to safeguarding reefs worldwide and guarding against catastrophic oil spills, we need to act aggressively to protect our oceans and our planet's marine life. Currently, I'm backing legislation to improve ocean monitoring, and have worked to address ocean acidification, caused by increased carbon dioxide emissions. I'm also preparing additional legislation I'll introduce in the coming weeks to further enhance the safeguards that help preserve our oceans. Honoring a Northwest Legend This Friday, I visited Safeco Field to see Edgar Martinez inducted into the Mariners' Hall of Fame. Edgar is a baseball legend and Northwest hero. He embodies all that is great about baseball and remains just as dedicated to our community now as he was in 1995 when he led the team to the playoffs for the first time. I was proud to be there last week to congratulate Edgar, and I'm excited about our hometown team's prospects in the AL West as this season progresses.
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