Political Quotes

“As everyone knows, gasoline prices have been increasing for the past several weeks in anticipation of the historically higher demand seen during the summer driving season. These increases are a source of serious concern to this Administration and I know they are of serious concern to you. As I committed to you last year, I intend to keep you apprised of circumstances affecting our oil and gasoline markets and of the steps we are taking to mitigate their effects in the short term and address them in the long term. Briefly, prices for crude oil have risen by over $7 per barrel since late February--an increase of over 30 percent--adding as much as 20 cents per gallon to the retail cost of gasoline. Crude oil prices are rising because of global economic growth, OPEC production restraints, and concern over the current tensions in the Middle East and Venezuela. Of course, we are closely monitoring international developments affecting our petroleum markets. Partly as a result of rising oil costs, the Energy Information Agency (EIA) expects an average price of $1.46 for regular grade gasoline over the next 6 months. However, gasoline prices will peak somewhat higher in certain regions this summer.”