08.02.06

Gas Prices At Record Highs; Schumer Again Urges Deployment Of Strategic Petroleum Reserve

Even though President Has Previously Refused, Sky-High Gas Prices Threaten Economy and Summer Travel Season Recently Passed Energy Bill Does Nothing to Bring Down Gas Prices, Reduce Dependence on Foreign Oil, or Increase Fuel Economy Standards

Today U.S. Senator Charles E. Schumer (DNY) again called on President Bush to use the Strategic Petroleum Reserve (SPR) to bring down recordhigh gas prices. According to todays reports, barrels of oil traded for $66.27 on Monday and the national average per gallon of regular gasoline was $2.55 on Monday, and in some areas exceeded $3.00 per gallon. In New York State the average regular gasoline price was even higher, selling for $2.61 per gallon on Monday.

In March, the national average retail gasoline price was around $2.00 per gallon and the price of a barrel of oil was under $50. It is also important to note that the SPR is reported to be at 100% capacity, and OPECs members increased their profits last year by over $86 billion.

Schumer said, With the price of crude oil at record levels, Im again urging the President to act immediately to reduce skyrocketing prices at the gasoline pump by tapping the Strategic Petroleum Reserve (SPR). These recordhigh gasoline prices will hurt our economy by taking money out of the hands of working families and placing it into the pockets of OPEC.

The energy bill passed by Congress and signed into law by President Bush this month doesnt even begin to grapple with one of the great problems America will face in the next quarter century dependence on foreign sources of energy. The lack of significant conservation measures or increased fuel economy standards, essential to energy independence is even more confounding given the skyhigh gas prices consumers are facing right now, Schumer concluded.



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