Welch Calls Bush Out of Touch' on gas Prices
Press Release
Welch calls Bush out of touch' on gas prices
Rep. Peter Welch (VT-AL) says President Bush remains "hopelessly out of touch" with consumers facing the burden of skyrocketing gas prices.
President Bush today reaffirmed his opposition to suspending oil purchases at record high prices to the Strategic Petroleum Reserve (SPR), an initiative Welch is leading in the U.S. House to quickly lower prices at the gas pump. Welch is also the lead sponsor of The Close the Enron Loophole Act, legislation that would restore regulation of energy markets to end price manipulation and excessive speculation by energy traders.
Gas prices are up over 140 percent since President Bush took office.
"President Bush remains hopelessly out of touch with the pain consumers are feeling at the pump," said Welch. "Congress needs to take immediate steps to ease the financial burden facing Vermonters. It can start by suspending shipments to top-off our oil reserves and closing the Enron Loophole."
Welch added, "The president's only answer to high gas prices and record oil profits is to cling to the same misguided, drill-our-way-out energy policy he's blindly championed over the last seven years."
Welch first called on President Bush to suspend shipments to the SPR on February 8 with Rep. Rahm Emanuel and Rep. Ron Kind. At that time, Welch also introduced legislation to compel the president to stop shipments to top off the SPR if the president failed to act. This short-term action could save consumers as much as 24 cents per gallon, according to an independent study by Goldman Sachs.
Welch's bill, the Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act of 2008, H.R. 5473, requires the Secretary of the Department of Energy (DOE) to suspend shipments to the SPR in 2008, or until the average price of crude oil falls below $50 a barrel.
"By continuing to top off our oil reserve, the public is being hit twice. Tax dollars are being used to pay record high prices and at the same time actually driving up prices even more."
Welch has also voted for and the U.S. House has passed legislation to reverse tax cuts for big oil companies to fund renewable energy and efficiency programs.
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