Press Releases
Brendan Daly/Nadeam Elshami
202-226-7616
03/13/2008
Pelosi to Cheney: Reduce Oil Prices Through OPEC Negotiations
March 13, 2008
The Honorable Richard B. Cheney
Dear Mr. Vice President:
The price of a barrel of oil has surged to new historic
highs each day, even when adjusted for inflation, and the price at the gas pump
is projected to do the same in the coming months. Light sweet crude oil
surpassed $110 a barrel today, a 407 percent increase since President Bush took
office. Gas prices have reached record levels of $3.27 a gallon and the oil
imported from foreign countries has grown to 60 percent of our total since
President Bush took office. These prices and our growing dependence on foreign
oil have caused great hardship for American families and businesses struggling
to make ends meet in this economic downturn.
The landmark Energy Independence and Security Act of 2007,
passed with strong bipartisan support in Congress last December, took strong
steps toward reducing oil consumption.
Now, your upcoming trip to the
In addition to diplomatic efforts during your trip, the
Administration should also support efforts pending in Congress to promote
energy independence and save consumers money:
In a strong bipartisan vote last May, the House passed legislation
to crack down on price fixing by authorizing legal action against oil cartels
that conspire to inflate prices. That
bill, H.R. 2264, is now pending in the Senate.
Unfortunately, the Bush Administration has announced its opposition to
this bill which would benefit millions of American consumers. Instead of issuing veto threats, the
President should support this legislation to give the Administration a vital
tool to fight price-fixing by OPEC cartel entities.
The House of Representatives has again passed legislation to
significantly expand our renewable American energy industry in a fiscally
responsible way, paid for by ending taxpayer subsidies to the five largest oil
companies which are earning record profits.
This legislation is pending in the Senate. These subsidies cannot be condoned at today's
historically high oil prices. When oil
was just $55 a barrel—half the current price—the President said that such subsidies
could no longer be justified. We agree
and hope he will actively support this legislation to direct our energy dollars
from subsidies for oil companies to development of alternatives to increase our
energy independence and improve our national security.
While the 110th Congress has great differences with you and
President Bush on your energy policies over the last seven years, I sincerely
hope your visit to
best regards,
NANCY PELOSI