Pelosi: With the Price of Gas Doubling During Bush Presidency, Big Oil Has Won Big

Washington, D.C. - House Democratic Leader Nancy Pelosi joined House Democratic Caucus Chair James Clyburn, Congressman Bart Stupak of Michigan, and Congresswoman Rosa DeLauro of Connecticut at news conference today to discuss skyrocketing gas prices and Democratic plans to address this issue. Below are Pelosi's remarks:

"When the oil men, George W. Bush and Dick Cheney, strode into town, the showdown began between big oil and the consumer. With the price of gas doubling during the time of the President's presidency, big oil has won big. Prices have doubled, profits have tripled, and oil companies already are making historic, obscene and record profits. And while they do that, the Republicans in the Congress of the United States gave them billions of dollars in subsidies. Even the Department of Energy said the Republican energy bill would increase the price at the pump for America's consumers.

"More than six months ago, Democrats, led by Congressman Bart Stupak of Michigan, introduced legislation that gives the Federal Trade Commission (FTC) explicit authority to investigate and prosecute companies engaged in price gouging. Congressional Republicans voted three times against acting on this Stupak legislation.

"Democrats, led by Congressman Brian Higgins of New York, introduced a bill that would rescind billions of dollars in taxpayer subsidies for these oil companies, roll back these subsidies, tax breaks, and royalty relief given to big oil and big gas companies, and use those funds to help low-income Americans, farms, and small-businesses struggling under the weight of gas prices. And yes, the Republicans voted over and over against rolling back the subsidies even after they knew the oil companies were making historic, obscene, and record profits.

"It is Democrats, led by Congresswoman Rosa DeLauro, who have a bill that would require oil companies and refineries to disclose their prices to the FTC in times of energy crisis. Democrats also have real plans that would increase production of alternative fuels.

"These are bills we could have enacted months ago if Republican had joined Democrats in protecting the American people instead of protecting big oil. If Republicans had done that, today we would have had laws on the books against gouging and excess profits, instead of record prices at the pump and record profits.

"Today, we are renewing the call as we challenge our Republican colleagues to join us in helping bring down the price of gas before Memorial Day weekend. Let us say to the American people that we can be, although recent history to the contrary, the government of the many, and not just the few as President Bush and Vice President Cheney have been.

"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.

"Record prices for the American people; record giveaways and record profits for big oil companies. That is the Republican energy policy, and Americans can no longer afford it. All you have to do is drive down the street in your car, see the price at the pump, and you know that Americans can no longer afford George W. Bush as President and his Rubber Stamp Republican Congress."