She instead advocated using the $21 billion in taxpayer money currently subsidizing the top five oil companies to help deflate the federal deficit.

Stabenow said the current structure negatively impacts consumers as it allows oil companies to control markets, inflating prices while still reaping taxpayer benefits.

“It makes absolutely no sense that we are subsidizing with taxpayer money to corporations with the highest profits in the world,” Stabenow said.

One way to lower gas prices is to offer more alternative fuel options at the pump, ending the monopoly the oil companies have on the industry, she said.

Stabenow said Senate Democrats are working on legislation that would provide incentives for local station owners to offer alternative fuels.

“We need more local station owners that are going to stand up and be acting in the public interest in terms of providing choice,” Stabenow said.

Speaking at her side was Joe Duffy, president of the MSU College Democrats, who praised her efforts, as gas prices gouge students’ pockets with the high prices.

“High gas prices make going to college even more expensive,” Duffy said. “High gas prices make an uncertain job market even more fragile.”

Duffy thanked Stabenow for working to end “sweetheart” deals with oil companies, which he said are damaging to consumers as the deals unfairly allow the companies to control oil prices while directly taking tax money from fuel-dependant consumers.

Stabenow — a 1972 MSU graduate — is seeking re-election in 2012 after Senate Democrats narrowly hung on to the majority by three seats during last November’s election.

She slammed oil companies and Republican legislators, criticizing the companies’ strong lobbying base and saying they put money behind her Republican colleagues.

“They pretty much stand in unison of closing any of our efforts to reduce the taxpayer subsidies, and that’s really, really unfortunate,” Stabenow said.

Stabenow also highlighted her efforts against market manipulation by oil companies, mentioning that she called a hearing as head of the Committee on Agriculture, Nutrition & Forestry to address the issue and helped give regulators “new tools” to fight market manipulation.

Jim Little, owner of the H&H Mobil station, said he had to personally make a $55,000 investment to get E85 ethanol at his station.

Little said he wants to see more government grants that help service station owners offer more alternative fuel options to help ease the increasingly prices of gasoline.

“The gasoline business is a tough business,” Little said.
“Not too many people have that money to invest.”