Chuck Grassley: “Today I introduced a companion piece of legislation to H.R. 3822, the Oil Price Reduction Act of 2000. This bill will…”

“Today I introduced a companion piece of legislation to H.R. 3822, the Oil Price Reduction Act of 2000. This bill will help to address the problems our constituencies are experiencing throughout the nation due to climbing fuel prices. Last weekend I traveled back to my home and held a briefing near Des Moines to explain to my constituents that prices will likely rise significantly past current levels. I had the displeasure of looking truckers and farmers in the eye and telling them there is no relief in sight. In my home state we are experiencing price levels not seen in almost a decade, but all I could tell them was that it is going to get worse. Many of my colleagues know the cold, hard truth of the matter. When the Organization of Petroleum Exporting Countries (OPEC) finally makes a substantive, definitive decision to increase oil production, it will still most likely take 60 days before adequate levels of fuel can be distributed throughout the U.S. That means if the OPEC Cartel decided to remedy the harm they have imposed on the American consumer today, we are still at least six weeks away from witnessing the peak in the price increase. We could very well see $2 per gallon gasoline by May and that is not acceptable. Iowans and the rest of the nation should not have been subjected to this price spike.”