U.S. Lawmakers To Review Gasoline Prices

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WASHINGTON (UPI) — The U.S. House of Representatives announced it was set to review a number of policy options that could lower gasoline prices.

Gasoline prices in the United States have moved closer to $4 per gallon as oil prices on the global market increase. Oil prices account for about 70 percent of the price of gasoline.

Democratic lawmakers have called on U.S. President Barack Obama to tap into the Strategic Petroleum Reserve to offset rising gasoline prices. The International Energy Agency last called for a strategic petroleum release when the conflict in Libya left some crude oil out of the market.

The U.S. House Energy and Commerce Subcommittee on Energy and Power said it scheduled a hearing Wednesday to consider the issue.

“Wednesday’s hearing will consider a number of policies currently on the table and examine opportunities to enhance our energy security and moderate prices at the pump,” the committee announced in a statement.

The committee noted lawmakers are divided over the issue largely along party lines.

The committee said Republicans feel the Obama administration is blocking domestic energy production, which they say is in part responsible for rising oil prices. The White House notes oil markets are global, adding there’s no “magic bullet” that would cause a substantial drop in gasoline prices.

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