U.S. Rep. Kagen: President Bush has power to reduce high gas prices

[undeterred]

U.S. Rep. Kagen: President Bush has power to reduce high gas prices
4/21/2008

(GREEN BAY, WI) Congressman Steve Kagen, M.D. again urged the President to take immediate action to reduce high gas prices. Speaking at The Little Gas and Convenience Store in Green Bay, Kagen repeated his request to the President to increase gasoline supplies by suspending purchases of oil for the nation’s Strategic Petroleum Reserve (SPR).

"Mr. President, it is time to act. Record high prices for gas and diesel fuels are crippling our economy, taking our hard earned money and putting it into bank accounts of Big Oil companies and market speculators," said Kagen. "The President must take immediate action to provide immediate relief for small businesses and ordinary people who are fighting to keep their heads above water.”

With the price of diesel fuel hitting $4.00 per gallon, and the Strategic Petroleum Reserve 95% full, Kagen stated it is time for action. The U.S. petroleum reserve has 695 million gallons, approximately the same level it was at in August 2005 when the President used a temporary suspension to increase oil supplies and decrease prices following Hurricanes Katrina and Rita. According to independent analysts, a suspension would allow more oil to remain on the market, and immediately drive down prices by 25 cents per gallon.

"Whose side is this Administration on? Times are tough, and there are two things the President must do immediately to put more money into our pockets: cut the costs of both gasoline and health care,” Dr. Kagen said.

“I am fighting hard to guarantee access to affordable care for all of us, and for higher-wage jobs, lower taxes and gasoline prices we can afford to pay,” said Kagen. “Today, I am again asking President Bush to join me in working to put more money into the pockets of ordinary people, instead of the bank accounts of corporate executives in Big Oil and Big Insurance companies,” said Kagen.

Kagen was joined by local businessmen Harold Grimes, owner of Grimes Trucking in Green Bay and Tom Matuszak, owner of The Little Store.

“What small trucking needs right now is the entire support of the U.S. Congress,” said Grimes. “We need a subsidy to pull us through this time of such high fuel prices.”

Tom Matuszak said, “As the price of gas goes up, the only ones winning are the credit card companies. Volume is down because the cost is up, and that affects our other sales and hurts my bottom line.”

Kagen signed a letter to President Bush last month urging the President to suspend additional oil purchases for the Strategic Petroleum Reserve and is a co-sponsor of a bill which would force the administration to suspend oil purchases for the reserve. He will also cosponsor the Prevent Unfair Manipulation of Prices Act (PUMP) which would empower the Commodities Futures Trading Commission’s ability to impose civil and criminal penalties for price manipulation of energy commodities.

High gas prices are affecting numerous industries that make up the backbone of the economy in Northeast Wisconsin. In addition to trucks and other commercial vehicles, running machinery for papermaking, timber and farming is now prohibitively expensive. Some lumber and manufacturing facilities have been forced to cut back their operations because of excessive fuel prices, and everyone is cutting back on oil consumption because of the energy crisis.

http://www.wispolitics.com/index.iml?Article=124109

:applause:

[midnight]

1. He is a thoughtful man. His constituents are very lucky to

have him. Whose side is this Administration on? Times are tough, and there are two things the President must do immediately to put more money into our pockets: cut the costs of both gasoline and health care,” Dr. Kagen said.

[undeterred]

2. I wish every single member of Congress would follow Kagen's lead

and get out there and challenge Bush to do something about this right now. There isn't a person or business in the country who isn't feeling the effects of the price of fuel.

And Bush says, "Its not a recession. Its a slow-down."