Home > News>Pelosi: We Have Taken Serious Steps and Passed Innovative Solutions to Help Americans at the Pump
Pelosi: We Have Taken Serious Steps and Passed Innovative Solutions to Help Americans at the Pump
Wednesday, July 2, 2008
Contact:Brendan Daly/Nadeam Elshami, 202-226-7616
Washington, D.C. – Speaker Nancy Pelosi issued the following statement today in reaction to President Bush's comments on drilling in the Arctic National Wildlife Refuge and the Outer Continental Shelf:
"The American people heard from the President today more of the same failed policies of the past: drill, drill, and drill. Drilling in places like the Arctic National Wildlife Refuge and the Outer Continental Shelf could only save consumers a couple of pennies a gallon, 22 years from now. That’s not going to help this 4th of July weekend, or this summer, or even in this generation.
"To help Americans at the pump immediately and ensure American energy independence for years to come, Democrats have taken serious steps, and passed innovative solutions. Last week, we put oil speculators on notice, passing legislation to direct the Commodity Futures Trading Commission to use its emergency powers to take immediate action to curb speculation in energy markets. Experts have testified before Congress that the explosion of speculation in the oil futures market could be driving up prices from $20 to $60 per barrel. Oil speculators are making money by betting against the American consumers at the pump.
"We also overwhelmingly passed legislation to lower fares for mass transit and expand services for commuters literally forced from their cars by the price at the pump. Investing in public transit is a key component of a clean and green American energy future.
"Unfortunately, the President’s Republican colleagues in Congress blocked ‘Use it or Lose it’ legislation to compel the oil industry to start drilling on the 68 million acres of leased but undeveloped federal lands which they are currently warehousing. These lands could nearly double U.S. oil production and cut oil imports by one-third. Also last week, Republicans stopped Democratic efforts to empower the Federal Trade Commission to go after price gougers at the wholesale and retail level. We will redouble our efforts to pass these much-needed solutions.
"Democrats have enacted the first new vehicle fuel efficiency standards in 32 years, and 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. On the occasion of America’s Independence Day, we renew our commitment to American energy independence, and we urge the President and Republicans in Congress to join us in taking America in a New Direction."
