From WYMT News:

Senate Republican Leader Mitch McConnell introduced the Gas Price Reduction Act of 2008 on Thursday to address the high price of gas at the pump and provide a balanced approach to America's long-term energy needs. The legislation, which has a total of 43 cosponsors, is a result of efforts by Senate Republicans to intensify the legislative debate and provide a vehicle for bipartisan action addressing high gas prices.

"The Gas Price Reduction Act uses a three-pronged approach -- conservation, innovation for newer technologies, and expanded exploration of our domestic resources -- to solve America's energy crisis," McConnell said. "This legislation also would create thousands of jobs and help get prices down at the gas pump. We must expand our domestic energy production and limit the hold Middle Eastern nations have on our economy.

"The United States is the third-largest producer of oil in the world after the Saudis and the Russians. While we must work now to reduce our dependence on fossil fuels, if we truly want to achieve energy independence, America must be allowed to take advantage of the vast energy resources we have right here at home."

Read more about the legislation here.