A recent article in The Lima News noted that a Lima-based transportation company is struggling because of high gas prices (“Wannemacher: Government policies driving up gas prices, hurting business,” May 25). I share the company's concerns. Recently, I've met with truckers, business owners and families throughout the state burdened by high gas prices because it's critical that we address Ohioans' pain at the pump.
As families continue to shell out nearly $4 per gallon for gas, the five largest oil companies have been unwilling to do their part to share the burden that many low-income and middle-class families are shouldering.
That's why I cosponsored the Close Big Oil Tax Loopholes Act of 2011, which would repeal tax loopholes to the most profitable oil companies in the world: BP, Chevron, Exxon, Shell and ConocoPhillips. But in the Senate, the bill was blocked by conservative Washington politicians who would rather reduce the deficit by cutting programs that help middle-class families and increasing the burden on seniors who use Medicare.
But the fight isn't over. I'm working to crack down on oil speculators — multi-millionaire investors who buy up oil with no intention of using it — who drive up gas prices. I've urged the Commodity Futures Trading Commission to use its full authority under the new Wall Street Reform law to crack down on speculation.
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