GOP presidential candidate Tim Scott believes the best way to reduce gas prices at pumps is by ramping up energy production and not by punishing producers.
"The best way to bring down sky-high prices at the gas pump is by unleashing American energy production —not punishing energy producers. I am proud to work with my colleagues to help keep energy prices low for the American people," Scott said on Twitter.
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The Senator from South Carolina, along with eight of his Senate colleagues, introduced the Pay Less at the Pump Act, according to a statement. Scott's colleagues include Senators John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), John Hoeven (R-N.D.), James Lankford (R-Okla.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Jim Risch (R-Idaho), and John Thune (R-S.D.).
"This legislation will lower energy prices for Americans by repealing the Inflation Reduction Act's reinstatement of the $10.5 billion "Superfund Tax" on crude oil and imported petroleum products. By overturning the Democrats' reckless tax hike on oil and petroleum products, the Pay Less at the Pump Act would bring down energy costs and fuel American energy independence," the statement said.
Price Action: Oil prices fell on Wednesday after data showed an unexpected rise in U.S. crude stocks, which indicated weak demand, according to a Reuters report. West Texas Intermediate futures maturing in July were trading 0.06% lower at $69.38 per barrel during Wednesday afternoon Asian trading session. On Wednesday, however, oil prices rose 3% after China’s central bank reduced a short-term lending rate for the first time in 10 months.
The United States Brent Oil Fund BNO closed 3.09% higher on Tuesday while the Vanguard Energy Index Fund ETF VDE gained 0.56%, according to Benzinga Pro.
Scott has been critical of President Joe Biden‘s policies and has voiced his concerns about the current administration's economic stance. "With prices of everything from groceries to gas surging, it's clear that Bidenomics is not working. The American people need relief from this President's inflationary policies," Scott said in his tweet.
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