Opening Statement on House Energy and Commerce Committee

NEWS FROM ED MARKEY

United States Congress Massachusetts Seventh District

FOR IMMEDIATE RELEASE

CONTACT: David Moulton / Jeff Duncan (202) 225-2836

April 1, 2004

MARKEY HITS ADMINISTRATION FOR SILENCE ON OPEC GAS PRICE HOLD-UP OF AMERICAN ECONOMY

Washington, DC: OPENING STATEMENT OF REPRESENTATIVE EDWARD J. MARKEY (D-MA)
HOUSE ENERGY AND COMMERCE COMMITTEE, THURSDAY, APRIL 1, 2004:

Mr. Chairman, yesterday the OPEC oil cartel announced it was cutting oil production by 1 million
barrels beginning today. Now, Presidents get quite a bit of advice about how to deal with the OPEC oil
cartel, and here's a plan that I really wish that he had taken to heart prior to yesterday's announcement:

"What I think the President ought to do is he ought to get on the phone with the OPEC cartel and say
we expect you to open your spigots. One reason why the price is so high is because the price of
crude oil has been driven up. OPEC has gotten its supply act together, and it's driving the price, like
it did in the past. And the President of the United States must jawbone OPEC members to lower the
price."

Great advice. Who offered it? It was candidate George W. Bush, back in January 2000.

Unfortunately, President George W. Bush doesn't seem to have listened. Instead of getting OPEC to turn on
the spigot, President Bush has failed to prevent OPEC from turning off the spigot that powers the American
economy. The Bush Administration's failed energy policies are already forcing consumers to pay a
Bush gas tax of $24 billion this year. This Bush gas tax will rise to $32 billion this summer. As a result,
consumers will be spending more than $300 a year more on gas than they did when George W. Bush
took office.

What is the Bush Administration's solution? They won't jawbone OPEC. Instead, they jawbone
Congress to pass a pork-laden Republican energy bill that the Energy Information Administration found will
actually INCREASE gasoline prices by 3 to 8 cents per gallon, have only a "small" impact on energy
consumption and do virtually nothing to decrease America's dependence on imported oil.

So, that's the Bush energy plan - no pressure on OPEC, no deployment of our Strategic Petroleum
Reserve, no significant cut energy consumption or and no change in America's increasing dependence on
foreign oil imports. We all have suggestions for how to cope with energy in the long term, but America's
economy is facing a short-term energy hold-up by a collusive cartel over which the Bush Administration
claims to have some influence. I look forward to Secretary Abraham's recommendations regarding how to
protect our economy, our small businesses and our consumers from this illegal artificial hijacking of the oil
marketplace by America's nominal allies.