Etheridge: N.C. Needs Immediate Relief at the Gas Pump

RALEIGH- U.S. Rep. Bob Etheridge (D-Lillington) today called on the Administration to insist that OPEC boost production. Gas prices in North Carolina and throughout the nation are at record high levels after a February OPEC decision to cut production by 2 million barrels of crude oil as of April 1. According to a recent AAA survey, average gas prices in North Carolina are $1.83 for regular-grade gas. Analysts have speculated the price will continue to rise, with some speculating prices could rise as high as $3 per gallon.

"We need immediate action to lower gas prices," Etheridge said. "Farmers, commuters, employers, senior citizens and all citizens of the Second Congressional District have been hit hard by the rise in petroleum prices that has pushed the price of a gallon of gasoline close to record levels. When gas prices rise, folks in North Carolina feel it in their wallets, and with the summer coming on there is no end in sight. Coupled with looming inflation, these rising gas prices will put a real hold on our economy and stall job growth."

Etheridge supports legislation that calls on President Bush not only to immediately insist that OPEC boost production but also to suspend deliveries to the Strategic Petroleum Reserve (SPR). Recent reports show that the SPR is being filled at more than twice its normal level, taking 300,000 barrels per day out of the marketplace.

Etheridge also supports legislation to make it easier for the President to tap the Strategic Petroleum Reserve on a temporary basis to meet the short-term needs for greater fuel supply and to allow the President to reduce, suspend, or terminate any assistance under the Foreign Assistance Act of 1961 and the Arms Export Control Act to each country determined to be engaged in oil price fixing to the detriment of the United States' economy.

According to the Lunberg Survey, a nationwide survey of gas prices, as of last Friday, the nationwide average price for a gallon of self-serve regular gas was $1.93. This is a 45 cent increase just since December 19, 2003. A major reason for these prices is the high price of crude oil, which has reached $40 a barrel, the highest level since Oct. 11, 1990.