DOMENICI PRAISES OPEC DECISION TO INCREASE PRODUCTION, ANTICIPATES FURTHER PRICE DROP

The following press release was published by the Senate Committee On Energy & Natural Resources on June 3, 2004. It is reproduced in full below.

Washington, D.C. - Senate Energy & Natural Resources Chairman Pete V. Domenici today lauded OPEC’s decision to raise its production ceiling by two million barrels of oil per day next month in a bid to bring down increasingly high prices of crude. Chairman Domenici’s statement: “I am pleased with OPEC’s decision to increase output by 8 percent. Prices dropped yesterday, partly in anticipation of today’s announcement. I expect the price of crude to drop further. I think OPEC’s commitment to increasing production will play a critical role in halting the spiraling cost of crude oil. I share the hope of OPEC leaders that we can stabilize global oil prices at around $25 a barrel for the foreseeable future. “Today’s announcement should silence critics of this Administration. Clearly the Bush Administration holds sway with OPEC during this time of tight global supply and record-high prices. “OPEC understands that this Administration is serious about addressing our energy challenges. I invite Senate Democrats to drive that message home by passing the energy bill."

Source: Senate Committee On Energy & Natural Resources