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Congress Working For You? Not Yet!

Earlier this week, we offered kudos to President Bush for withdrawing the executive ban on offshore drilling, but then growled that Congress needs to “drill here, drill now” if taxpayers hope to see lower gas prices. As the National Taxpayers Union noted on Monday:

"The pressure is now on Congress to stop stonewalling domestic production . . .  Though the President's action was important, exploration cannot begin until Congress removes its restrictions. Americans should contact their representatives and urge them to follow the President's lead on this critical issue."

The Heritage Foundation issued an informative and timely “backgrounder” this week, entitled “How Rising Gas Prices Hurt American Households.” Their conclusion, in part, says:

“Americans are now facing the prospect of even higher prices at the pump. While there are many other economic influences on household expenditure, personal savings, personal disposable income, and total employment, the Heritage analysis simulated the dynamic movement of these variables in response to movements in the retail price of gasoline.”

“The results of the analysis show that households react by using personal savings in the short term. This reduction in assets slows other spending, leading to slower growth in purchasing. On the supply side, businesses experience higher production costs while demand for their goods is lower, causing them to adjust their employment downward. Individuals, too, may begin to adjust their work choices as longer commutes make working outside the home less beneficial. These two effects reduce overall employment.”

Heritage provides several useful tables and charts, including the following chart showing how higher gas prices will lead to job losses:
       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxpayers need to contact Senators Warner and Webb, or Congressman Jim Moran to be sure their voices are heard that America needs to "drill here, drill now." The phone number on Capitol Hill is 202-224-3121.

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