Markey: Poor Winter Fuels Outlook Points to Need for Energy Bill

FOR IMMEDIATE RELEASE

Contact: Select Committee, 202-225-4081

Markey: Poor Winter Fuels Outlook Points to Need for Energy Bill

Reducing Dependence on Oil, Increasing Efficiency Can Help American Families

WASHINGTON (October 9, 2007) – Government energy supply and cost projections released today paint a harsh picture for short-term and winter fuel prices, and Chairman Edward J. Markey of the Select Committee on Energy Independence and Global Warming said this points to the real, immediate need to pass an energy bill that reduces our dependence on foreign oil and other traditional fuels, and increases energy efficiency to reduce overall demand.

“Most of the country hasn’t yet felt the chill of fall, but this should send chills down the spines of anyone who worries about fuel costs,” said Chairman Markey. “We need to reduce our dependence on oil and other fossil fuels to reduce the sticker shock we feel every winter.”

The figures, released by the Energy Information Administration, point to increased cost for heating fuels, including natural gas; crude oil prices that will stay above $70 per barrel; and a colder winter that will lead to increased demand for energy.

Here are some of the EIA’s findings. The full report can be found here:

--For the 58 percent of American households that depend on natural gas for heat in the winter, prices are expected to rise by 10 percent more than last winter.

--For the millions of households that use heating oil, prices will rise 22 percent.

--Crude oil prices are expected to average over $70/barrel for 2008, over a $65 average for 2007.

Congress is currently considering two energy bills passed by the House and Senate that would reduce oil dependence and increase energy efficiency, helping to stabilize prices and help American families. The bill passed in the Senate would increase the fuel economy of America’s vehicles to 35 miles per gallon by 2020, saving nearly twice as much oil as we currently import from the Middle East by 2030. The House bill contains groundbreaking appliance and other efficiency standards that would reduce the demand for energy.

“Passing this energy bill and sending it to President would start us on a path towards energy independence,” continued Chairman Markey. “That means fewer and less intense price shocks, and cleaner sources of energy to power our homes, businesses and vehicles.”

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