Democratic Leader Nancy Pelosi released the following statement today on President Obama's renewed call for an all-of-the-above approach to expanding American energy production, developing new energy sources, reducing our dependence on foreign oil, and lowering the price at the pump:
"Democrats and President Obama agree: we must act now to ease the pain at the pump, develop American sources of energy, and invest in innovation and renewables to power our future. Even as domestic oil production reaches its highest level in nearly a decade, we only hold 2 percent of the world's oil reserves, but we use about 20 percent of the oil produced every year. We know that we cannot drill our way to lower gas prices and energy independence; we must work together to expand clean energy and strengthen our economy.
"With middle class families facing skyrocketing prices, oil companies are raking in record profits as they close refineries. It is time to end tax breaks for Big Oil and continue to encourage responsible exploration and make investments in wind, solar, natural gas, and other sources that create jobs at home and reduce our reliance on foreign oil.
"We must crack down on speculators who care more about profits than American consumers. And we must continue to call on our Republican colleagues to work with us to protect consumers, bring down the cost of oil, and boost our economic recovery."