From Jed Babbin at Human Events:

Inspired, perhaps, by Newt Gingrich’s “Drill Here, Drill Now, Pay Less” petition, one group -- led by Senate Minority Leader Mitch McConnell (R-Ky) -- is trying to do something about the price of gasoline right now.

McConnell -- joined by 42 Senate Republicans -- introduced the “Gas Price Reduction Act of 2008” on June 26. The bill -- which Reid has so far refused a vote -- would open up 14 billion barrels of oil in the Outer Continental Shelf to oil drilling at the option of the states.

 More than three times the oil reserves of Saudi Arabia are embedded in Western states’ oil shale, estimated at 800 billion to 2 trillion barrels of recoverable oil. The Gas Price Reduction Act also lifts the Congressionally-imposed moratorium on exploration and development of this huge oil reserve.

McConnell’s bill won’t result in immediate oil production, but it could have an immediate impact, driving down speculators’ effect on oil prices.

Mr. McConnell told me, “The goal here was to have a narrowly-targeted proposal that could do something in the near term and reach out to our Democratic friends, some of whom are open to some of the suggestions that we’re making here today. So the idea is not a partisan check the box exercise, but an actual accomplishment.”

Instead of burdening the economy, as the Democrats’ approach does, the McConnell bill would provide an immense benefit and not just in the supply of oil reaching American markets. Federal and state revenues would gain a huge windfall from the bill. Fifty percent of the tax revenues would go into federal coffers, 37.5% to the states. Only Al Gore Democrats such as Harry Reid and Barack Obama would object to that. Obama, answering a question from CNBC’s John Harwood last month on whether high gasoline prices would benefit us, said “I think I would have preferred a gradual adjustment.” A more stealthy rise, so consumers wouldn’t blame those in Congress who are responsible for blocking access to American oil.

The average price of gasoline has risen more than $1.70/gallon since the Democrats took control of Congress last year. They apparently believe the price rise is a good idea. Answering a question on Fox News Sunday last month, Sen. Byron Dorgan (D-ND) said, ““Well, it certainly forces some conservation for people that can't afford to fill their tank.”

Democrats have voted three times against increased oil production in the last year. They are content with rising prices. Their economic policy doesn’t accommodate the simple fact that every increase in gasoline prices equates to a pay cut for every working man and woman. Every American family pays the price in a lower standard of living.

On July 6, OPEC chief Chakib Khelil told an Algerian news service that the price of oil will continue to rise because of the falling value of the US dollar. Before the November election, oil prices will likely top $150/barrel. Gasoline may top $5/gallon, driving voters from disgruntlement to deep-seated anger at all in government who have sat on their hands while the gas price crisis worsens.

 Later this week, McConnell will try to move his bill for a floor vote, and Reid will almost certainly block him. Next week, the battle will escalate.

McConnell and the group supporting his bill have a unique political weapon in hand. They have legislation that will benefit each and every American in a tangible way, perhaps in time for the election. All the voters Barack Obama has had trouble reaching -- hourly workers, the middle class families working toward prosperity -- are most affected by the rising price of gasoline. If McConnell can get past the liberal media, who will ignore the bill, and reach those voters he may be able to deprive the Democrats of the momentum they have going into November.