Gas Prices Break Records for the Third Time this Year

FOR IMMEDIATE RELEASE
August 15, 2005

GAS PRICES BREAK RECORDS FOR THE THIRD TIME THIS YEAR

Rep. Markey Calls on President Bush to Release Stockpiled Oil

WASHINGTON, D.C. -Representative Edward J. Markey (D-MA), a senior Democratic
Member of the House Energy and Commerce Committee, today issued the following
remarks in response to record high gasoline prices in the peak of summer travel. Over
the past three weeks gas prices surged to an all-time high average of $2.50 per gallon of
self-serve regular, according to a national survey. This skyrocketing surge marks the
third all-time record this year according to the publishers of the Lundberg Survey:

"Three times is not a charm-- it is triple the harm for consumers who are slammed by
skyrocketing gas prices for the third time this year.

"President Bush seems intent on presiding over a return to the highest gasoline prices in
the history of the United States -- $3.03 in March of 1981. At this rate, he'll be there by
Labor Day.

"The President acts as if there is nothing he can do about oil prices. But in fact there is
something very practical that he could and should do immediately to pop today's
speculative oil bubble. He should use his authority to release oil from the governmentowned
stockpile. Even announcing his intent to do so would knock the pins out from the
oil speculators who a driving prices up daily.

"Instead, he sits idly by while the oil industry reaps windfall profits by tipping consumers
upside down and shaking them for all they're worth.

"Meanwhile, people wonder how Congress could pass an Energy bill which hasn't done
anything to help with price or supply. But that's no surprise. The bill was not written to
serve the public interest - it was the product of the Bush/Cheney/Big Oil/Big Nuclear
Task Force written to assuage the insatiable demands of the special interests.

"Gasoline pushing up towards $3.00 a gallon is a disaster for consumers and truckers and
farmers and small businesses, but a dream for the oil and gas industry.

"We have a new Energy bill but no energy policy.

"The fact is that the Bush Energy policy is in a shambles. Gasoline prices are
symptomatic of this Administration's colossal failure to set any requirements for fuel
economy in our transportation fleet.

"2005 is the 30th anniversary of President Ford signing the bill to set tough fuel economy
standards for American automobiles. Industry opposed this measure, but when faced
with its passage, it responded with the technology necessary to substantially free us of
Organization of Petroleum Exporting Countries (OPEC)'s grip. We need a new
generation of fuel economy standards to dramatically reduce the demand for oil and free
us of debilitating commitments to wars in the Middle East. But President Bush refuses to
lead and Congress is too busy congratulating itself for the energy bill that doesn't work to
take up one that does," said Rep. Markey.

Rep. Markey authored several amendments to increase fuel efficiency standards for cars
that failed in committee along a party line vote.

http://www.house.gov/markey/Issues/iss_energy_pr050815.pdf