Nancy Pelosi Statement on Oil Prices Reaching a World Record High

March 3, 2008 -- Washington, D.C. – Speaker Nancy Pelosi issued the following statement today as the price of oil reached a world record high of $103.95 per barrel, higher now than in 1980, when adjusted for inflation:

“Americans are now paying the price for years of a failed energy policy that has resulted in record energy costs, a dangerous dependence on foreign oil, and the rising threat of global warming. The price of a barrel of oil is now four times higher than it was when President Bush took office and more expensive than in 1980.

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“The New Direction Congress has begun to break with the failed energy policy of the past by enacting the first increase in fuel economy standards in 32 years, dramatically boosting efficiency standards for buildings, lighting, and appliances, and investing in homegrown biofuels. This year, we again seek to repeal billions of dollars in unnecessary subsidies given to Big Oil at a time of record profits and invest these savings in clean, renewable energy initiatives that will create good-paying green jobs. I am hopeful that the Senate Republicans and the President will work with us to pass this critical legislation to save more than 100,000 jobs in the renewable energy sector, and is vital to creating hundreds of thousands more.

“America needs a clean and sharp break from Bush Administration energy policies that are straining families’ budgets and threatening our planet’s future. The New Direction Congress is providing forward-looking leadership that will fuel America’s energy future, save Americans’ money, create good jobs, improve our national security, and preserve our planet for our children.”

Source: Speaker Nancy Pelosi