AMERICAN OIL FOR AMERICAN FAMILIES: SEN. MENENDEZ INTRODUCES LEGISLATION THAT WOULD ENSURE OIL PRODUCED IN U.S. STAYS IN U.S.

WASHINGTON – As gas prices continue to exceed $4 per gallon, U.S. Senator Robert Menendez (D-NJ) today introduced legislation to keep more of the oil produced in the United States here for domestic consumption. The American Oil for American Families Act would ensure that oil or petroleum products that originate within American public lands are not exported. Currently, more than 1.5 million barrels of U.S.-produced crude oil and petroleum products are sent to foreign countries each day (http://tonto.eia.doe.gov/dnav/pet/pet_move_exp_dc_NUS-Z00_mbblpd_m.htm).

“American families deserve to know that oil produced from land belonging to American taxpayers is used to increase the supply here at home, not sent to the other side of the world. The fact is that, as gas prices continue to exceed $4 a gallon, oil companies send 1.5 million barrels of American oil and petroleum products to other countries each day. When we talk about increasing the domestic supply of oil, this is something that can be done and done quickly to adjust the supply-demand balance here in the U.S. more in favor of American consumers.”

In 2007, more than 510 million barrels of U.S.-produced oil and petroleum products were exported. Outside of North America, The Netherlands, Singapore and Japan were the leading importers of American oil.

Senator Menendez’s plan for lowering gas prices, long-term transportation costs:

• Lower gas prices now – Unchecked speculation on the oil trading markets has driven oil prices higher; Senate Democrats have strong proposals to clamp down on oil speculation: http://menendez.senate.gov/newsroom/record.cfm?id=299186&

• Hold oil companies accountable –Senator Menendez is a lead sponsor of legislation that will spur domestic oil production by compelling big oil companies to begin utilizing the 68 million acres that they lease but thus far have not used to produce energy:
http://menendez.senate.gov/newsroom/record.cfm?id=300453

• Break our dependence on oil – Sen. Menendez has been a strong advocate for renewable energy and advanced alternative fuels. Recently, he helped push an amendment through the Senate that would extend renewable energy tax credits to help fight global warming and wean us off of fossil fuel: 
http://menendez.senate.gov/newsroom/record.cfm?id=295986

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