Pelosi Statement on President Bush's Failure to Pressure Saudi Arabia to Increase Oil Production

"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."