Markey: Oil Price Record Hits $90 per Barrel -Call for Oil Policy Action
FOR IMMEDIATE RELEASE
Contact: Select Committee, 202-225-4081
Markey: Oil Price Record Calls for Oil Policy Action
Oil Tops $90 as Americans Look for Energy Direction from Directionless Administration
WASHINGTON (October 19, 2007) – Today, the price of a barrel of crude oil reached a new record of over $90 per barrel, as tensions increased between Turkey and the Northern Iraqi region of Kurdistan. Rep. Edward J. Markey (D-Mass.) is calling for the passage of an energy bill currently being considered in Congress that would save more than twice as much oil as America currently imports from the Persian Gulf by 2030.
“Several years ago, people laughed at the prospect of $100 oil—but no one is laughing now, least of all American consumers,” said Rep. Markey, who is Chairman of the Select Committee on Energy Independence and Global Warming. “An energy bill before Congress will break this cycle of addiction, and this escalating price trend, by reducing demand and increasing efficiency. The President went all in on oil, and he lost the bet. Now is the time to reduce our dependence on foreign oil, for our nation’s economy and national security.”
A recent Energy Information Administration short term energy outlook pointed 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.
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 provisions to increase our use of renewable energy and make our appliances and buildings more efficient. It is estimated that, by 2030, the energy bill will reduce the total amount of U.S. heat-trapping emissions by roughly 40 percent of what’s needed to save the planet from dangerous global warming.
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