WASHINGTON, May 16 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi
released the following statement on record oil prices as news reports
indicate that Saudi Arabian officials have rejected pleas from President
Bush to increase oil production. In trading today, oil reached a record
more than $127 a barrel:

    "As record oil prices continue to burden American families and
businesses, reports indicate that the President's visit to Saudi Arabia
today to push for increased production has failed. Despite considerable
influence, the Bush Administration has been ineffective in pressuring Saudi
Arabia and, yet again, has failed to effectively use diplomacy to exact
short-term relief for American consumers.

    "Next week, the New Direction Congress will send legislation to the
President to suspend deliveries to the Strategic Petroleum Reserve, a tool
that has in the past reduced prices for consumers. As the President returns
from the Middle East, I urge him to reverse his opposition and finally take
this action, signing legislation that has passed the House and Senate by
veto-proof margins.

    "Next week, the House will also act on legislation that will extend and
expand tax incentives to invest in renewable energy and create the green
jobs of the future, as well as revised NOPEC legislation to crack down on
OPEC-controlled entities and oil companies for oil price fixing."

    "As the President's 'drill and veto' policies and diplomatic efforts
with respect to OPEC have only led to increased gas prices, the New
Direction Congress will continue to take legislative steps to help ease the
pain at the pump."

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