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Congressman Frank Pallone, Jr. (NJ-06) Discusses Lowering Gas Prices and Reducing American Dependence on Foreign Oil at Eos Energy Storage in Edison, NJ

February 27, 2012
Press Release

EDISON, NJ— Today, Congressman Frank Pallone, Jr. (NJ-06) visited the Eos Energy Storage facility in Edison, NJ to support an “all-of-the-above” approach to American energy production to protect consumers from rising gas prices at the pump. Gas prices have reached an average $3.58 a gallon in New Jersey, an $0.08 rise from last week.

According to a variety of experts the current spike in gas prices is a result of rampant Wall Street speculation and instability in the Middle East. Congressman Pallone called for further investments in domestic energy sources and new energy technologies to reduce dependence on foreign oil.

“Middle class families in New Jersey and across the country are spending more and more money at the pump because of soaring gas prices,” said Pallone. “That’s why I am advocating an all-out approach to developing all American energy sources so we are not held hostage by the ups and downs of the world oil market.”

EOS develops low-cost batteries for electric vehicles, which can have the same costs and range as gas-powered vehicles with 1/10th the fuel cost. Pallone was joined by Eos CEO Michael Oster, Edison Mayor Antonia Ricigliano, Assemblyman Patrick Diegnan, Jr. (NJ-18) and Cathleen Lewis, Director of Public Affairs, AAA New Jersey Automobile Club.

American oil production is the highest that it’s been in eight years, but the amount of oil drilled domestically doesn’t set the price of gas on its own. Expanding clean-energy investments will reduce the amount of money consumers have to budget every month to fill their tanks and create jobs in America.

Likewise, the fuel efficiency standard set by the EPA in 2011 that requires cars to reach 54.5 miles per gallon by 2025 will save consumers $1.7 trillion at the pump and slash oil consumption.

“Companies like Eos Energy Storage are leading the way in reducing our demand for foreign oil and creating good energy jobs at home. I am very supportive of these positive investments in our economy and environment,” Pallone added.

 

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Contact:
Ray Zaccaro
202-225-4671