Pelosi Statement on President Bush's Failure to Pressure Saudi Arabia to
Increase Oil Production
WASHINGTON, May 16 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi released
the following statement on record oil prices as news reports indicate that
Saudi Arabian officials have rejected pleas from President Bush to increase
oil production. In trading today, oil reached a record more than $127 a
barrel:
"As record oil prices continue to burden American families and businesses,
reports indicate that the President's visit to Saudi Arabia today to push for
increased production has failed. Despite considerable influence, the Bush
Administration has been ineffective in pressuring Saudi Arabia and, yet again,
has failed to effectively use diplomacy to exact short-term relief for
American consumers.
"Next week, the New Direction Congress will send legislation to the President
to suspend deliveries to the Strategic Petroleum Reserve, a tool that has in
the past reduced prices for consumers. As the President returns from the
Middle East, I urge him to reverse his opposition and finally take this
action, signing legislation that has passed the House and Senate by veto-proof
margins.
"Next week, the House will also act on legislation that will extend and expand
tax incentives to invest in renewable energy and create the green jobs of the
future, as well as revised NOPEC legislation to crack down on OPEC-controlled
entities and oil companies for oil price fixing."
"As the President's 'drill and veto' policies and diplomatic efforts with
respect to OPEC have only led to increased gas prices, the New Direction
Congress will continue to take legislative steps to help ease the pain at the
pump."
SOURCE Office of the Speaker of the House
Brendan Daly or Drew Hammill, both of the Office of the Speaker of the House,
+1-202-226-7616
