Rep. Markey to Hold Hearing on Oil Prices

For the first time ever, gas prices have topped $4 per gallon in Massachusetts, and US Representative Edward Markey (D-Malden) wants Congress to take action.

Markey, Chairman of the House Select Committee on Energy Independence and Global Warming, will hold a hearing this Wednesday on the oil crisis to discuss how bad prices, production, and consumer pain could get, and what solutions are available to American families immediately and in the long-term. According to Rep. Markey, the committee was the first to bring top oil executives before Congress back in April, when oil was below $100, and has pushed for increased investment in alternatives to oil like cellulosic biofuels.

“These higher prices are draining the wealth right out of the Commonwealth, and we must take more steps to ease prices at the pump and dramatically reduce our dependence on oil. As vacation season gets into full swing in the Bay State , these high gas prices are hurting consumers and businesses and compelling families’ to make hard choices as they plan vacations,” said Rep. Markey in a statement.

“Congress has taken significant steps in the last year by increasing fuel economy, the production of biofuels, and stopping the president from buying oil for our nation’s reserves at top dollar prices. But we must continue to do more. We must first release oil from our nation’s reserves, because this is truly an economic disaster in the making. We must also force Big Oil to invest in alternatives to oil, especially advanced biofuels that put fuel in our tank without taking food off our plates,” Rep. Markey continued.

– InsideMedford.com