Senate Democrats

Reid: Record-Breaking Oil Prices Underscore Need For Investment In Alternative Energy

Washington, DCNevada Senator Harry Reid made the following statement today in response to news that oil prices reached $103.95 a barrel Monday – breaking a record set in 1980, when adjusted for inflation:

“As oil prices reach record highs in a weakening economy, Democrats remain committed to repealing Big Oil’s tax breaks and instead use that money to expand incentives for investing in energy-efficient vehicles and renewable energy.  Bush Republicans blocked our efforts to do so last year, but we will soon give them another chance to help lower prices at the pump and reduce our reliance on oil.  

“A New York Times editorial noted today that three years ago President Bush said $55 oil was reason enough for an energy policy that makes us less dependent on fossil fuels.  But the President has done nothing since to push such a change – and in fact has instead has done everything to stop one.  Meanwhile, oil has nearly doubled in price.  It is long past time for the President to join us to create an energy policy that strengthens our economy and our national security while protecting our environment.”