Crude Oil Supply, Gasoline Demand and the Effects on Prices, Hearing Before the Committee on Energy and Natural Resources, United States Senate, One Hundred Eighth Congress, Second Session to Receive Testimony Regarding Crude Oil Supply, Gasoline Demand and the Effects on Prices, June 15, 2004   [open pdf - 217KB]

From the prepared statement of Hon. Jim Bunning, U.S. Senator from Kentucky: "The price of energy has risen sharply during the last two years. The average price of gasoline has broken $2.00 per gallon. Natural gas prices and coal prices are also up significantly. These high prices are hitting working Americans' pocketbooks hard just as our economic recovery is picking up steam. It is time Congress acts to help Americans face these rising costs. We have been fortunate to see prices slip from their highs in recent weeks. But if Congress does nothing to encourage more production, Americans will continue to struggle financially and our economic recovery could evaporate. The most important action we can take is to increase domestic energy production. As demand for energy increases in the summer months, we cannot afford to see energy prices skyrocket even more. Having a cheap, ready supply of energy is more crucial than ever to our economy. Energy production is also a national security issue. Iraq and problems in the Middle East are on all of our minds. We have to recognize that continuing to rely on energy supplies from that part of the world is a threat to our national and economic security. We can't change that overnight, but we can start taking the first steps today. Opening the Strategic Petroleum Reserve has become an issue lately. The Strategic Petroleum Reserve is an emergency reserve. I understand that to working Americans hit hard by the economic downturn of 2000, facing high energy prices is an emergency. and I will work hard to bring prices down, but not at the expense our nation's security. I am sure that all Americans would agree that saving a nickel on a gallon of gas is not worth the risk to our country and our men and women in uniform." Statements, letters, and materials submitted for the record include those of the following: David Berry, Jim Bunning, Conrad R. Burns, Guy F. Caruso, Red Cavaney, Pete V. Domenici, Dianne Feinstein, John Kilduff, Gordon Smith, John C. Tobin.

Report Number:
S. Hrg. 108-644; Senate Hearing 108-644
Public Domain
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Government Printing Office, Congressional Hearings: http://www.gpoaccess.gov/chearings/index.html
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