Political Quotes

“let me advise you, yesterday at the close of business, the posted price of oil was $34.13 a barrel. The Dow was down 374 points. The share price of one company, Procter & Gamble, plunged 30 percent as a consequence of their third quarter profits falling off because of the high cost of oil. We have a crisis in this country. Today, I rise to introduce legislation on behalf of myself and 33 other Members that I believe, and they believe with me, offers the United States its best chance to reduce our dependence on foreign oil; that is, by producing more oil domestically. We have seen the oil price rise in the last year from roughly $10 to over $30 a barrel. That is a pretty dramatic increase. There is an inflation factor associated with this. While we have not really addressed it, it is fair to say that for every $10 increase in the price of a barrel of oil, there is an inflation factor of about a half of 1 percent. Alan Greenspan has been quoted as saying, ``I have never seen a price spike on oil that I have ever ignored.'' So we are now in a situation where we have seen heating oil prices in the Northeast reach historic highs this winter, nearly $2 a gallon. We are seeing a surcharge on our airline tickets of $20.”