Washington, D.C. - Speaker Nancy Pelosi and the House Democratic leadership today held a news conference reiterating Democrats' call for the President to immediately release a small amount of oil from the Strategic Petroleum Reserve to reduce energy prices for American consumers. Below are the Speaker's comments on her call to the President:
“The fact is that the Bush Administration is sitting on 700 million barrels of oil, purchased with our tax dollars, in the Strategic Petroleum Reserve. That oil was purchased for an emergency, and with gas at $4 a gallon, it is an emergency for America's families, for America's business, and for our country.
“The first President Bush released oil from the SPR. President Clinton released oil from the SPR. This President Bush released oil from the SPR. We want him to do it again. In 1991, the release of oil from the reserve caused an immediate reduction of oil prices of $8 per barrel.
“Americans convinced the Bush Administration to not keep filling the SPR a number of weeks ago. We are calling upon them now to free our oil, call the White House, e-mail the White House so that we can increase the supply to reduce the price at the pump. The President's number is (202) 456-1414, and his e-mail is comments@WhiteHouse.gov.”