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Wednesday, May 09, 2007
Senate Dems set sights on gas prices

Reid is setting his sights on the rising gas prices.

WASHINGTON (CNN) -- When the Democratic-controlled Senate returns from the Memorial Day recess it will take up energy legislation aimed at lowering gasoline prices, Senate Majority Leader Harry Reid, D-Nevada, said Wednesday.

Reid's announcement came at the same time several of his Democratic colleagues -- in what has seemingly become an annual rite of spring -- trudged to a Capitol Hill gas station for a press conference to complain about spiking prices ahead of the summer driving season.

A Democratic-led bill is still being crafted but is expected to include changes to fuel efficiency standards, measures against price gouging, and proposals to increase the usage of bio-fuels.

Republican Sen. John Cornyn of Texas complained this week about the Democrats' approach and urged Congress to help increase the supply of gasoline by removing "regulatory impediments" that have prevented the creation of a single new refinery in the U.S. in the last 30 years.

"We can't repeal the law of supply and demand," Cornyn said. "And the only way we'll see these gas prices come down is to form new supply."

-- CNN Congressional Producer Ted Barrett

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