Markey: President Doesn't Have “Magic Wand", Does Carry Oil “Stick"
FOR IMMEDIATE RELEASE
Contact: Select Committee, 202-225-4081
Markey: President Doesn’t Have “Magic Wand”, Does Carry Oil “Stick”
WASHINGTON (April 29, 2008) – Today at a Rose Garden press conference, President Bush said he did not have a “magic wand” to address rising oil and gas prices. Instead, he offered the suggestion to drill in the Arctic National Wildlife Refuge, which would produce very little oil compared to overall demand, and not for another 10 to 15 years. Conversely, stopping the fill and releasing oil from the Strategic Petroleum Reserve, which holds more than 700 million barrels of oil, which is a Presidential decision, has historical evidence of immediate price relief.
Below is the statement of Rep. Edward Markey (D-Mass.), Chairman of the Select Committee on Energy Independence and Global Warming:
“The president may not have a ‘magic wand’, but he does have a stick to beat back the feeding frenzy of oil speculation driving up prices.
“American families don’t need drilling in a wildlife refuge that won’t produce for 10 to 15 years, they need action that will help them in 10 to 15 days.
“Stopping the fill of our nation’s oil reserves, and releasing oil, will immediately tamp down prices by sending a strong signal to oil speculators on trading floors around the world.
“A poll released today says that rising gas prices is the number one economic concern for American families, and the President's response today only highlights how out of touch he is with the problems American families are facing.”
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PLEASE NOTE: The House Select Committee on Energy Independence and Global Warming was created to explore American clean energy solutions that end our reliance on foreign oil and reduce carbon pollution.
The Select Committee was active during the 110th and 111th Congresses. This is an archived version of the website, to ensure that the public has ongoing access to the Select Committee record. This website, including external links, will not be updated after Jan. 3rd, 2010.
The Select Committee was active during the 110th and 111th Congresses. This is an archived version of the website, to ensure that the public has ongoing access to the Select Committee record. This website, including external links, will not be updated after Jan. 3rd, 2010.
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