Chuck Grassley: “presently we are experiencing the country's highest petroleum prices this decade. And there is every indication the…”

“presently we are experiencing the country's highest petroleum prices this decade. And there is every indication the price is going to go higher and higher. I think we need to start looking at why and not look at where to place blame. I think we have to find a common sense solution to the situation because it's not going to get any better in the short term even if OPEC decides to pump more oil and ship more oil to the United States. The fact of the matter is that regardless whether OPEC complies with our wishes there are still two reasons we are bound to face a similar dilemma again in the future. The No. 1 reason is that the United States and other energy-consuming nations are going to continue to consume a greater amount of gasoline and petroleum products over the next several decades. The demand is going to increase. The second reason is that as long as OPEC remains a powerful cartel willing to violate the principles of a free marketplace and continue its stranglehold on the production of oil, it will be able to radically effect our economy and financial stability. As I look at how this administration is responding to the high price of oil, all I can see is that Secretary of Energy Richardson has been dispatched to the various oil-producing nations. The administration in a sense is having the Secretary get down on his knees and beg for OPEC nations to produce more oil.”