Senator John Hoeven Thursday announced he is cosponsoring a bill that would give the Environmental Protection Agency (EPA) authority to waive fuel requirements in order to help increase supplies and reduce the cost of gasoline at the pump for consumers. In a separate but related action, Hoeven and other Senate and House members have signed a letter calling on the EPA and Department of Energy (DOE) to complete a study Congress asked for in 2005 with an eye toward simplifying the nation’s varying fuel standards to help reduce volatility and bring down prices at the pump.
The Senator discussed these and other initiatives to reduce the cost of fuel for consumers in comments he delivered Thursday on the floor of the U.S. Senate.
“Fuel prices in America are subject to the same economic forces as any other commodity – supply and demand,” Hoeven said. “When we restrict or restrain supply, prices go up, and when we remove those restraints, prices go down. That’s why the Boutique Fuel Reduction Act and the Fuel Harmonization Study that the EPA and DOE were asked to complete more than five years ago are so important. They can help to reduce the cost of gasoline by addressing the root cause, which is constraints in the supplies of fuel.”
Source: office of Senator John Hoeven