FOR IMMEDIATE RELEASE
CONTACT: International Relations Committee Democratic Staff

        Washington, DC.–June 22, 2000.  Representative Sam Gejdenson (D-2) today announced that Secretary of Energy Bill Richardson will testify before the House International Relations Committee on Tuesday, June 27, 2000 to address rapidly rising gas prices and international oil supply and demand.  Gejdenson, the Senior Democrat on the Committee, called for the hearing on June 13th.

 "I'm pleased that Secretary Richardson will come before the International Relations Committee to update members and the public about the steps that the Department is taking to address high gas prices throughout the United States.  In eastern Connecticut, gas prices are $1.80 per gallon and higher," Gejdenson said.

 "Serious accusations have been raised in recent days about the role that OPEC and large domestic oil companies have played in dramatic price increases.  Clearly, we have to get to the bottom of these allegations.  Indeed, while consumers are taking it on the chin, oil company profits are up 500%.  Secretary Richardson has worked hard to address this problem.  His efforts have led OPEC to agree to increase production by 700,000 barrels per day.  Still, this may not be enough to bring down gasoline prices this summer and alleviate a potential heating oil crisis this winter.

 "But Secretary Richardson cannot solve this problem alone.  My office has already contacted oil officials from Saudi Arabia to discuss the likelihood that additional production increases will be needed in September to ensure that adequate supplies of heating oil are available this winter.

 "Unfortunately, Congress has provided little support, rejecting commonsense initiatives to increase fuel efficiency and stalling legislation that would allow the President to use the strategic oil reserve to avert an energy emergency.   In addition, just last week in a short-sighted vote, the House defeated a measure to fund a heating oil reserve in the northeast.  I hope that we will hear from Secretary Richardson about these issues in addition to the important developments regarding OPEC."