Pelosi Statement on Record-High Oil Prices

'As the price of oil surges toward an historic high of $100 a barrel - almost four times the price when President Bush took office - the 110th Congress is committed to a New Direction for our nation on energy security.

'For the nearly seven years of the Bush Administration, the rising cost of gas and home heating oil has been a major economic stress on millions of American families. The response from President Bush has been to promote new benefits and tax breaks for an industry already enjoying record profits.  The American people, not the oil industry, need help from their government.

'The New Direction Congress is negotiating the final details on a sweeping new bipartisan energy security legislation to invest in the homegrown biofuels to strengthen our national security, lower energy prices, create jobs, promote energy efficiency, and reduce the threat of global warming.  We will vote soon to pass this bill and send it to the President for his signature.'