On a day when oil futures prices spiked to $147 dollars a barrel and the Dow Jones Industrial Average dipped below 11,000, Seventh District Republican congressman Eric Cantor presented a four-point energy plan to deal with soaring fuel prices at a news conference at a gas station in Richmond’s West End.

Flanked by Henrico Del. Bill Janis (R), Henrico Sheriff Mike Wade (R) and Ashland trucking company owner John Cox, Cantor said Congress must act now, calling gas prices the biggest national security problem of a generation.

“Congress shouldn’t leave for the summer recess until we get something done,” he said.

On the supply side, Cantor said the U.S. should open up oil exploration in Arctic National Wildlife Refuge and in the deep water offshore oil fields, as well as exploiting the fuel potential of oil shale.

Cantor also urged increased conservation efforts, tax credits for energy efficient vehicles and investment in alternative fuels, such as wind, solar, clean coal and nuclear.

“We need to get serious about investing in alternative fuel,” said Cantor, but added in response to questions that the mandates and subsidies for ethanol production were a mistake. Some studies have shown that the production of ethanol costs a great deal of energy to produce, and increases the price of food.

“For too long now this Congress has failed to act to address this problem,” he said. “It is time for us to act.”

Cantor, speaking at the Village Exxon station at Three Chopt Road and Patterson Ave., said his plan would send a message to the world.

“We’ll send a significant signal to the global markets that America is serious about its oil production and I believe we will have an immense impact on the upward pressure on prices,” said Cantor.

Countering opponents’ arguments that new exploration would produce no gas for years, Cantor said gas prices are partially determined by the prediction of what the disparity of supply and demand in the future will be.

“If we commit ourselves now to opening up these resources, that is going to have an effect on the psyche and the mentality of the market,” said Cantor.

John Cox, president of Cox Transportation in Hanover County, said the current upsurge in gas prices has had a devastating effect on his company and its customers.

“America’s economy moves by truck,” said Cox, who added that 935 trucking companies had gone out of business in the first quarter of 2008, and closures were increasing.

“These were tax paying companies employing thousands of taxpaying drivers,” said Cox, who said that when the economy rebounds, there will be a shortage of trucks and drivers to carry goods.

Henrico Del. Bill Janis said the price of gasoline is now artificially inflated because of mistaken government policy.

“Government is not only not helping in this situation, they’re making it worse,” said Janis.

“The supply has been kept artificially low because the Democrats in Congress refuse to open up the massive amounts of oil that are available in the offshore areas and in ANWR,” said Janis. “Government should get out of the way.”

Taking questions from reporters, Cantor reiterated his belief that a decision to expand domestic oil production, although producing no fuel immediately, would produce quick results.

“If America were to tell the world that we were getting serious about unleashing our resources so we can close the gap between supply and demand in the future, that would have an immediate effect on prices today,” maintained Cantor.

Cantor’s Democratic opponent for the 7th District congressional seat, Anita Hartke, did not respond to requests for comment on Cantor’s energy plan.

Del. Bill Janis tells government to get out of the way of efforts to increase energy supplies.