GREEN BAY, Wis. – U.S. Representative Steve Kagen (D) again urged President Bush to take immediate action to reduce high gasoline prices. Speaking at The Little Gas & Convenience Store in Green Bay, Wis., Kagen repeated his request to the president to increase gasoline supplies by suspending purchases of oil for the nation's Strategic Petroleum Reserve (SPR).
"Mr. President, it is time to act. Record high prices for gas and diesel fuels are crippling our economy, taking our hard earned money and putting it into bank accounts of Big Oil companies and market speculators," said [image-nocss] Kagen. "The President must take immediate action to provide immediate relief for small businesses and ordinary people who are fighting to keep their heads above water."
With the price of diesel fuel hitting $4 per gallon, and the SPR 95% full, Kagen said "it is time for action." The SPR has 695 million gallons, approximately the same level it was at in August 2005 when the president used a temporary suspension to increase oil supplies and decrease prices following Hurricanes Katrina and Rita. A suspension would allow more oil to remain on the market, and immediately drive down prices by 25 cents per gallon, Kagen said, citing independent analysts.
"Whose side is this administration on? Times are tough, and there are two things the president must do immediately to put more money into our pockets: cut the costs of both gasoline and health care," Kagen said. "I am fighting hard to guarantee access to affordable care for all of us, and for higher-wage jobs, lower taxes and gasoline prices we can afford to pay."
He added, "Today, I am again asking President Bush to join me in working to put more money into the pockets of ordinary people, instead of the bank accounts of corporate executives in Big Oil and Big Insurance companies."
Kagen was joined by local businessmen Harold Grimes, owner of Grimes Trucking in Green Bay and Tom Matuszak, owner of The Little Store.
"What small trucking needs right now is the entire support of the U.S. Congress," said Grimes. "We need a subsidy to pull us through this time of such high fuel prices."
Matuszak said, "As the price of gas goes up, the only ones winning are the credit card companies. Volume is down because the cost is up, and that affects our other sales and hurts my bottom line."
Kagen signed a letter to the president last month urging him to suspend additional oil purchases for the SPR and is a co-sponsor of a bill that would force the administration to suspend oil purchases for the reserve. He will also cosponsor the Prevent Unfair Manipulation of Prices Act (PUMP), which would empower the Commodities Futures Trading Commission's ability to impose civil and criminal penalties for price manipulation of energy commodities.Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.