Senators Warn Bill Could Spike Gas $1.50 to $5 a Gallon

Worried about gas prices hitting $4 a gallon and beyond? Imagine if they were $6, $7 or even $8 a gallon. Those levels are a certain possibility should Congress pass cap-and-trade legislation, which could face a vote in early June.

Oil is trading at record levels, in excess of $120 a barrel. Leading Republican Sens. James Inhofe (Okla.) and Jeff Sessions (Ala.) both told the Business & Media Institute (BMI) energy prices would drastically increase if the Lieberman-Warner Climate Security Act (S. 2191) is signed into law.

“The Democrats are the reason we have high prices at the pumps, and we’re not going to be able to alleviate that until we start producing again in America,” Inhofe added. “And I knew this was happening way back, well 10 years ago, when President Clinton vetoed the bill that would have allowed us to drill in ANWR. I said on the Senate floor that day 10 years ago that in 10 years we would regret this. It’s now 10 years later.”