For example, Bishop's bill would repeal tax subsidies for oil companies that he said would bring in $31 billion in new revenues over 10 years.
"Right now, Big Oil has its hand in the consumer's left pocket every day they fill up, and their right pocket on tax day," Bishop said. "Repealing the subsidies will not affect prices at the pump, but it will end the outrageous practice of giving nearly 3 billion taxpayer dollars a year to wildly profitable corporations. Make no mistake, these billion-dollar giveaways to Big Oil do nothing — repeat — nothing to lower oil prices."
Bishop's bill also gives the White House the authority to release 30 million barrels of oil from the Strategic Petroleum Reserve to increase supply in the short term, requires oil companies to pay more in royalties for oil they extract from public land, and give the Federal Trade Commission new authorities to impose civil and criminal fines for "fuel price gouging."
On the other side, Rep. Bob Latta (R-Ohio) introduced the Consumer Relief for Pain at the Pump Act, H.R. 1777. That bill would open up the Alaska National Wildlife Reserve for drilling and limits frivolous lawsuits on drilling leases and permits that seek to slow energy production.
The bill also takes steps that Republicans are already seeking to approve in a trio of bills that the House is still considering. For example, it would repeal what Latta called a "permatorium" on drilling in America's out continental shelf, a goal the House may achieve by passing H.R. 1231 as early as next week.
It also streamlines the process for permitting and lease sales, similar to H.R. 1230, which the House is expected to take up Tuesday.
"Given America's abundance of natural resources, there is no reason why we are sitting tight and letting gas prices soar," Latta said. "I am excited to introduce this bill, which will curb surging gas prices and create downward pressure on the cost of oil by allowing America to take advantage of its vast domestic oil resources."