DELAURO: WE MUST ACT IMMEDIATELY TO BRING DOWN GAS PRICES

Washington, DC— Congresswoman Rosa L. DeLauro (CT-3) visited the Long Wharf Mobil gas station in New Haven today and spoke with drivers about the rising cost of gas, their concerns about how these costs will impact their lives, and what they think should be done to lower prices.

Gas prices have been steadily rising over the last few months, and as we approach the summer driving season, when prices traditionally spike, nationwide prices are already averaging $4.00 per gallon. In Connecticut, the current average is over $4.20 a gallon, over a dollar more than last year's price at this time.

"Right now, many American families are struggling to put food on the table, send their children to college, or hold on to their homes. But the Republican majority in the House of Representatives has chosen to preserve the $4 billion in subsidies we give away each year to big oil companies already making record profits instead of using those funds to pay down the deficit, invest in energy alternatives, create jobs, or avoid the deep cuts critical services like education, health care for our veterans and seniors, or home heating assistance.

"Congress must move immediately to address the Wall Street speculation that further raises these oil company profits and accounts for a significant portion of the recent gas price increases. Wall Street speculators are unfairly driving up the cost of oil by betting that costs will continue to rise, despite the absence of a supply or demand problem. We must fully fund the Commodity Futures Trading Commission (CFTC) so they can properly halt the speculation that drives up price and end the costly cycle that lines the pockets of Wall Street with American families' hard-earned dollars.

"Additionally, I have called on the President to release a small amount of oil from the Strategic Petroleum Reserve, which is filled to capacity, or to swap some of the crude petroleum we currently have on hand. Either of these steps would effectively release some of our supply in order to help calm the markets by making abundantly clear that we do not have a supply problem thereby further curbing undue speculation.

"Ultimately, I believe we need to invest in clean energy solutions to reduce our dependence on foreign oil. But we must act now to help protect American consumers at the pump, and I look forward to working with my colleagues and the President to work towards lowering gas prices."