U.S. Rep. Nick J. Rahall (D-WV) applauded the Bush administration's decision to release oil from federal petroleum reserves to help refiners affected by Hurricane Katrina, saying the action will hopefully divert what would otherwise surely be "catastrophic economic consequences" for West Virginia and the rest of the United States.

"Tapping the oil reserves will hopefully provide West Virginians with some much-needed relief from rising prices," Rahall said. "I think we were all holding our breath when we heard the news that we could be paying upwards of four or even five dollars a gallon and are relieved that the administration has finally heeded the chorus of cries from its citizens."

The U.S. Minerals Management Service said Tuesday that 95% of the Gulf of Mexico's oil supply is out of service. Oil prices surged back above $70 in European markets on Wednesday, but slipped back quickly to $69.56 after the disclosure of the decision involving the release of supplies from the Strategic Petroleum Reserve. Eight refineries were shut down due to Katrina-half of them producing gasoline.

"We are getting a first-hand look at the vulnerability of the oil industry," Rahall said. "Any disruption in the supply chain is going to have disastrous consequences until the administration gives this problem the attention it deserves."

Rahall was quick to note that opening the oil reserves only the first step on the long road to resolving the gas-price crisis.

"Gas prices have been at all-time highs for 22 weeks now and Hurricane Katrina is driving prices even higher. Opening the reserves may stabilize prices, but they will still be higher than they should and the relief will be temporary. These prices didn't rise overnight and they won't drop overnight either. I hope the administration takes this opportunity to examine and repair the bigger picture."

Rahall has proposed many different options for alleviating the pressure of high gas prices on the people of southern West Virginia. He is a proponent of alternative fuels to gasoline, especially coal-based fuels including liquid or gaseous coal-based fuels. Rahall has also urged the Administration to conduct an investigation into the possibility of price fixing by the Big Oil companies.

"My heart goes out to all of those affected by this devastating storm," Rahall said. "The damage is shocking and our economy has taken a beating. We need to put politics aside and work to resolve the troubles we still do have some control over so that our infrastructure will be as strong as it can be for these folks as they work to recover and rebuild. I hope the administration will sit down with us and discuss some of these options for bringing permanent stability to the oil industry."