Senator Bob Corker joined fellow republicans Thursday to announce the Gas Price Reduction Act...

The bill is meant to ease gas prices by increasing supplies and decreasing demand.

It promotes Deep Sea Exploration for American Oil & Natural Gas; Allows the tapping of oil resources in Western states; Pushes development for electric and hybrid vehicles; and provides additional policing of market speculators who drive prices up.

Corker says the bill was drafted to attract bi-partisan support, "I'm determined that we do something about this, that we do something now that affects you and affects people all across our state and country. But I'm also of the mind that we need to do something that solves this problem long term."

Corker hopes the to have the bill passed by the end of the summer.