Statement from John Edwards on Oil Prices

October 27, 2004

Statement from John Edwards on Oil Prices

For Immediate Release

Senator John Edwards released the following statement today:

"We don't need OPEC to tell us that oil prices are too high. Americans are reminded of that fact every time they fill their up their cars or buy heating oil for their homes. What we need is a new President with an energy policy that works for working Americans, not one that caters to the Saudis and big oil companies. John Kerry has been urging George Bush to stop filling the Strategic Petroleum Reserve to provide some real short-term relief to American consumers and has a comprehensive energy plan to break our dependence on Middle Eastern oil. It's time for a fresh start so that we can get back on track."

THE FACTS:

Bush Administration's Reckless Auto-Pilot Energy Policy:

OPEC Called On the Bush Administration to Tap the Strategic Petroleum Reserve. Yesterday, the president of OPEC called on the Bush administration to end its reckless policy of continuing to fill the strategic petroleum reserve. "OPEC President Purnomo Yusgiantoro said the U.S. should tap its emergency oil reserve, as members pump near their limit in a failed bid to lower prices from a record high…Purnomo's stance marks an about-face for OPEC, which for years has told the U.S. that the stockpile shouldn't be used to lower prices." [Bloomberg News, 10/27/04]

White House Refuses to Respond. "'We've seen the news reports (about the OPEC request),' White House spokesman Trent Duffy said. 'But the Strategic Petroleum Reserve, we've made it clear, is not to be used to manipulate market prices.'" [Reuters, 10/27/04]

Low Stockpiles Threaten An Expensive Cold Winter:

Heating Oil Stockpiles Drop Six Weeks in a Row. "The inventory of heating fuel dropped a greater-than-expected 2.4 million barrels last week, marking the sixth straight week of declines, the government reported Wednesday." [CNN, 10/27/04]
Record High Prices Squeeze Consumers:

Oil Prices Continue to Hit New Record Highs Above $55 a Barrel. For the first time, the price of a barrel of oil closed at a new high at $55.45. "Prices have hit a succession of record highs over $50 for the past three weeks." [Reuters, 10/22/04]

Heating Oil Continues to Rise, Breaking New Record Today. The cost of heating oil continues to break new records. Today, "Heating oil futures hit $1.6030 a gallon, also a new record high." Under George Bush, Americans will spend almost $500 more this winter to heat their homes than during the first winter of the Bush Administration. [Reuters, 10/22/04, DOE 2004-5 Winter Fuels Outlook]