A year ago thousands of oil producers were forced out of the business because of record low oil prices. Today drivers are feeling the sharp pinch of rising prices at the pump. Such volatility is the direct result of America's growing reliance on foreign oil. By the first week in June, gasoline prices had increased by 50 percent over the past year. And travelers aren't the only ones feeling the pinch.
Small truckers are especially hard hit.
Those who entered into shipping contracts based on lower fuel prices now face disaster. Eventually, consumers will pay in the form of higher shipping and retail prices. Farmers who are now looking toward the fall harvest can see their narrow profit margins disappearing into the tanks of trucks and harvesters. American consumers need short-term, immediate relief from this situation. Then Congress needs to roll up its sleeves and get to work on some long-term solutions that will stabilize oil prices and reassert America's energy independence.