Press Releases
Brendan Daly/Nadeam Elshami
202-226-7616
06/26/2008
Pelosi Statement at Weekly Press Conference
Washington, D.C. — Speaker Nancy Pelosi issued the following statement at her weekly press conference today:
“House Democrats stand united to help Americans at the pump immediately, and ensure American energy independence for years to come.
“Today the House is voting on several crucial pieces of legislation. We will vote on ‘Use It or Lose It’ legislation for oil companies that compels the oil industry to start drilling or lose permits on the 68 million acres of undeveloped federal oil reserves which they are currently warehousing, keeping domestic supply lower and prices higher.
“We will vote on legislation to lower fares for mass transit and expand services for commuters literally forced from their cars by the oil industry—and those who profit at their expense.
“We will vote on legislation stating that the American people should not be punished at the pump for the actions of oil speculators, and calling on the Commodity Futures Trading Commission (CFTC) to act.
“We are putting oil speculators on notice.
“Experts have testified this week before Congress that the explosion of speculation in the oil futures market could be driving up prices from $20 to $60 per barrel.
“Yesterday, I sent a letter to President Bush calling on him to direct the CFTC to use its emergency powers to take immediate action to curb speculation in energy markets. The Commission should act to investigate all energy contracts. This is authority Congress has already given to the CFTC.
“Oil speculators are making money by betting against the American consumers at the pump. This must be stopped.
“One year ago, on the occasion of America’s Independence Day, Democrats unveiled landmark legislation to declare America’s energy independence, passing historic energy legislation to increase fuel efficiency standards. As we approach this Independence Day, we renew our commitment to a New Direction for energy independence.
“We have made an historic commitment to affordable American-grown biofuels, which is keeping gas prices almost 50 cents lower than they otherwise would be.
“We forced the President to suspend oil purchasing for the Strategic Petroleum Reserve beginning next Monday to increase supply—and put the brakes on record gas prices.
“As Members return to their districts, there are many accomplishments that we have made over the last couple weeks that will make a real difference to the American people.
“We passed a Farm Bill that helps lower the price of food, and improves the nutrition of our children.
“We passed a new GI Bill that restores the promise of a four-year college education for our troops and veterans.
“We extended Unemployment Insurance benefits for 3 million Americans. These are benefits they paid for, that will help stimulate our economy.
“We passed an AMT Fix that will provide tax relief for 25 million middle class families.
“Also, next week interest rates on student loans will decrease because of actions of the New Direction Congress, and the minimum wage will be increased.”