CRUDE OIL CONTINUES TO TRADE ABOVE $40, GASOLINE PRICES CLIMB FOR SECOND STRAIGHT WEEK

The following press release was published by the Senate Committee On Energy & Natural Resources on July 21, 2004. It is reproduced in full below.

Washington, D.C. - Crude oil continues to trade above $40 today, continuing the two-week streak of increasingly high oil prices. Retail gasoline prices continue to climb and are now up 50 cents a gallon from a year ago at this time. Chairman Domenici’s statement: “At the end of the week, we recess for August and go home to meet with our constituents. I urge my colleagues to talk to their constituents about the toll rising energy prices have taken on family and personal budgets. Oil, gasoline, coal, natural gas and home heating oil have all been steadily climbing for the last three years while we have struggled to pass an energy bill. Today, American families pay considerably more to fill their cars, cool their houses and keep their lights on than they did three years ago. “Let’s meet with those families, understand the financial pressures caused by soaring energy prices and return in September ready to pass an energy bill."

Source: Senate Committee On Energy & Natural Resources