Schumer and Sen. Richard Durbin, D-Ill., are proposing $10 billion to $12 billion for immediate relief to consumers this year.

Exxon, and other Big Oil companies insist that if they are allowed more leeway for exploration and drilling, the energy crisis could be solved. However, I remain skeptical of such solutions. Taxing Big Oil into oblivion (although the companies could do without their government subsidies) isn't the solution -- even if some of that money would go to helping consumers. Companies would likely just raise prices to compensate anyway.

Instead, incentives should be offered to encourage Big Oil companies -- and other energy companies -- in efforts to develop alternative fuels and invest in renewable energy. Eventually we will have to move away from fossil fuels altogether, and we have reached a critical juncture. Instead of clambering for the government to do something to Big Oil, the public needs to demand that the government start looking into sustainable alternatives, and creating reasons for Big Oil, as well as other energy and technology companies, to move away from the status quo and start innovating.

Disclosure: I do not own XOM.

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