FOR IMMEDIATE RELEASE April 18, 2006

CONTACT: Brendan Daly/Jennifer Crider 202-226-7616

Pelosi on Gas Prices: ‘Record Prices, Record CEO Pay Packages, and Record Profits’

Washington, D.C.– House Democratic Leader Nancy Pelosi released the following statement today on news reports that the price of oil has skyrocketed to more than $70 a barrel:

“As Americans pay almost 90 percent more to fill their gas tanks since President Bush took office, oil companies continue to reap gigantic profits and oil executives receive astronomical compensation.  Record prices, record CEO pay packages, and record profits are just the latest example of the wealthy few benefiting at the expense of hard-working Americans under the Bush Administration. 

“The Republican Rubber Stamp Congress has passed two energy bills, costing taxpayers $12 billion for giveaways to big oil companies.  But the Republican bills clearly have done nothing to lower gas prices, as the price of a barrel of oil has settled above $70 a barrel – the highest price in our history.  Even the Chairman of the Federal Reserve agrees that gas prices are decreasing the purchasing power of American families and depressing the U.S. economy.   

“Democrats have a plan to lower gas prices, taking America in a new direction that works for everyone, not just the few.  Our plan would empower the Federal Trade Commission to crack down on price gouging to help bring down skyrocketing gas prices, increase production of alternative fuels, and rescind the billions of dollars in taxpayer subsidies, tax breaks, and royalty relief given to big oil and gas companies.”

“ Democrats are united in presenting a New Direction for America, one that will make our nation as strong as its people, one that brings opportunity, security, and prosperity to all Americans. ”

Democratic Leader Nancy Pelosi