Bob Menendez: “I rise to support the Markey amendment, and I certainly believe that this is a step in the right direction. Exorbitant…”

“I rise to support the Markey amendment, and I certainly believe that this is a step in the right direction. Exorbitant gasoline prices are clearly a problem as we begin the summer season. I am even more concerned about home heating oil costs for next winter. In fact, the current inventory for home heating oil on the East Coast is 40 percent lower than at this time last year. We Democrats have called for urgent action on several fronts. We have asked the Federal Trade Commission to expedite its investigation into price gouging on the part of oil companies. Major oil companies have nearly tripled their profits as a result of these price increases, from $4.5 billion in profits in the first 3 months of 1999 to more than $12 billion in the same period this year. Democrats have also urged the Republican leadership and Congress to show some leadership and renew the Strategic Petroleum Reserve. This is a key tool in our Nation's energy security, and the President must have the authority to release or exchange oil reserves from the SPR. Finally, we have called on the Congress to authorize the Northeast Oil Reserve. I am glad that we have finally gotten our colleagues in the majority to move in this direction, despite all of our previous efforts to get them to move in that direction. But we must also understand that the Republican leadership is also responsible and has failed to provide Americans with energy security.”