The Hill News

The recent run-up in the world oil market has caused gasoline prices to skyrocket, triggering, unsurprisingly, citizen outrage. Just mentioning “gasoline” elicits a collective moan that is deafening. Still, there is no better time to set an oil price floor than when prices are intolerably highâ€"it won’t immediately comfort consumers, but there is really no other choice to ensure America’s long-term prosperity.

This simple action would reduce the mounting budget deficit, restore the solvency of a crumbling transportation system, dampen the impact of volatile oil markets, and awaken American innovation.

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