Pelosi Statement on Oil Prices Topping $100 a Barrel

Washington, D.C. – Speaker Nancy Pelosi issued the following statement today as the price of oil topped $100 per barrel:

“For the first time, the price of oil has risen to more than $100 a barrel – almost four times the price when President Bush took office.

“Last month, the New Direction Congress passed landmark energy security legislation that included a historic CAFE increase to boost fuel efficiency standards for our cars and trucks, a Renewable Fuels Standard to dramatically increase homegrown American biofuels that reduce our dependence on foreign oil, and requirements that root out manipulation of energy prices. This legislation, signed into law by the President, will save consumers money, create jobs, strengthen our national security, and reduce the threat of global warming.

“Congress also passed a significant increase in home heating assistance, and I urge the Bush Administration to release this much-needed funding for low-income families and seniors.

“Congress will continue to fight to make our energy supplies more secure and protect consumers from skyrocketing prices. It is unfortunate that President Bush opposed our legislation to repeal multi-billion dollar subsidies given to Big Oil companies. We will again seek to repeal these subsidies and to enact strong legislation to stop price gouging at the pump and pursue anti-trust actions against OPEC entities that fix the price of oil.”