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Price of Oil Drops by Second Largest Amount in History

Jul 15 2008

Speaker Nancy Pelosi released the following statement this evening on the record drop in oil prices today -- the largest drop in 17 years.

"Today, the price of oil per barrel dropped $6.44 in one day -- the second highest one-day drop in history -- when the Federal Reserve Chairman predicted lower U.S. oil consumption. The biggest drop in history came 17 years ago, when President George H.W. Bush released oil from the Strategic Petroleum Reserve in 1991 and the price per barrel dropped 34 percent in one day.

"President Bush tells us that there are no quick fixes -- but history proves otherwise. President Bush should free our oil by releasing a small amount of oil from the Strategic Petroleum Reserve, and bring the price down further. Obstinance does nothing to help Americans struggling with record gas prices and a host of economic concerns."

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