Schumer, Stabenow Introduce Measures To Reduce Sky-High Gas Prices
SCHUMER, STABENOW INTRODUCE MEASURES TO REDUCE SKY-HIGH GAS PRICES
Oil Prices Approaching Record of $60 a Barrel, Senate Must Act to Reduce Gas Prices for American Families
Schumer Amendment Would Force Administration to Tap Oil from Strategic Reserve to Increase Supply and Reduce Dependence on Foreign Oil Sources
U.S. Senators Chuck Schumer (D-NY) and Debbie Stabenow (D-MI) today offered amendments to the Energy Bill aimed at reducing the price of gasoline and reducing the burden on the American driver. The Schumer amendment would require the Administration to tap the Strategic Petroleum Reserve, and inject extra oil supply into the market to provide immediate relief for the American consumer.
Schumer said, "What we are faced with here is simple market economics of supply and demand. If demand goes up, price goes up. If supply goes up, price goes down. At a time when we are facing record breaking gasoline prices it is unfathomable that the federal government has actually been taking oil off of the market and exacerbating the high energy costs of working families. That has to be reversed immediately."
Oil prices are approaching a record $60 a barrel, and last week, the Energy Information Administration reported that prices had increased for the second straight week, to $2.13. That's an increase of almost $0.14 from last year, and could give way to even higher prices in the near future.
Schumer said that while the American consumer was suffering from endlessly increasing gas prices, OPEC members' made over $300 billion in oil revenues last year, and stand to gain much, much more if the price of oil stays in the stratosphere. Schumer said that OPEC abandoned its long-standing price target of $22-28 and some of its members have said they would be comfortable with oil remaining at $40-50 permanently.
Schumer said that "OPEC members are rolling in double barrel profits because they are pick-pocketing hard-working American families."
http://schumer.senate.gov/SchumerWebsite/pressroom/press_releases/2005/PR41734.GasAmend.062105.html