Congressman Sanders Proposes Amendment to Stop Skyrocketing Gas Prices
Congressman Sanders Proposes Amendment to Stop Skyrocketing Gas Prices
5/24/2005
Sanders Calls on President Bush to Suspend Deliveries to the Strategic Petroleum Reserve
WASHINGTON - Rep. Bernard Sanders (I-VT) is introducing an amendment today to lower the exorbitant gas prices that are damaging our nation's economy. Nationally, the price of gas is 81 cents a gallon higher today than it was 5 years ago. During this same time period, gas prices in Vermont have risen over 44%. Congressman Sanders' amendment would provide consumers with immediate price reductions by suspending oil deliveries to the Strategic Petroleum Reserve.
Sanders said, "When millions of working people are paying through the nose in high gas prices, it is imperative that Congress act. In the long term we must reduce our dependency of fossil fuels and move us toward sustainable energy, but in the meantime we need a solution that will provide immediate relief to the American people who are hurting from high gas prices."
Today, approximately 72,000 barrels of oil per day are still being added to the Strategic Petroleum Reserve; equaling over 2 million barrels per month. Congressman Sanders' amendment would suspend these oil deliveries and put this oil back on the market. This should immediately lower gas prices and help keep them down for consumers and businesses.
Sanders said. "This amendment should send a strong message to the President: release oil from our strategic reserve now - just as President George H.W. Bush did in 1991 and Bill Clinton did in 2000. It is the best way to provide immediate relief to consumers at the pump."
Economic studies done by Goldman Sachs, the Air Transport Association, and petroleum economist Phillip Burleger estimate that by releasing some 15 million barrels from the Strategic Petroleum Reserve, gas prices could be reduced by 10 to 25 cents per gallon.
Sanders said, "Every time the price of gas goes up by one penny it costs American consumers a billion dollars at the pump. Every time diesel fuel increases by one penny, it costs our already ailing aviation industry a billion dollars in profits.
Congressman Sanders is introducing the amendment today along with Rep. Bart Stupak and Rep. Timothy Bishop to the Energy and Water appropriations bill.
http://bernie.house.gov/documents/releases/20050524180823.asp