Democrats have engaged in some flights of energy fancy, experts say. For example, Rep. Steve Israel (D) of New York his remedies to higher gas prices: 鈥淣eed sensible approach to lower gas prices: stop subsidies, fight speculation, tap into" the Strategic Petroleum Reserve.
The nonpartisan Congressional Research Service has already questioned the effect of stopping subsidies. Eliminating $4 billion in subsidies for a multitrillion dollar industry would result in impacts of only a 鈥渟mall scale,鈥� it said.
Moreover, those effects would potentially raise prices, it added: Ending subsidies would 鈥渉ave the effect of decreasing exploration, development, and production, while increasing prices and increasing the nation's foreign oil dependence."
