House Democrats propose a bill aimed at increasing domestic oil production by forcing Oil companies to increase production on over 68 million acres in the lower 48 states with a "use or lose" approach.
The legislation would also put pressure on companies to speed development of the National Petroleum Reserve in Alaska.
Democrat attempts to pass a similar bill last month failed.
"Right now, the president has 700 million barrels of oil. He can release a small percent of it, less than 10 percent of it; have immediate impact on the price at the pump now, within 10 days, not within 10 years," U.S. House of Representatives Speaker Nancy Pelosi said.
The White House rejected Pelosi's request, saying the reserve is intended only for severe supply disruptions.
Bush plans to meet with his economic advisors at the Energy Department on Friday to receive a briefing on how the rising energy prices are affecting the U.S. economy.
Bush, who has appealed to Congress to lift a moratorium on offshore drilling, will also discuss his plan to increase domestic drilling and reforms that could increase U.S. refining capacity.
Many lawmakers have blamed the influx of large index traders, such as hedge and pension funds, in futures markets for the price run up.
"Speculative bubbles emerge, regulators do nothing in the name of
letting markets do their magic, the bubble bursts, and consumers and
taxpayers pay the bill," Democratic Rep. Rosa DeLauro said at the
hearing.
The legislation would also put pressure on companies to speed development of the National Petroleum Reserve in Alaska.
Democrat attempts to pass a similar bill last month failed.
"Right now, the president has 700 million barrels of oil. He can release a small percent of it, less than 10 percent of it; have immediate impact on the price at the pump now, within 10 days, not within 10 years," U.S. House of Representatives Speaker Nancy Pelosi said.
The White House rejected Pelosi's request, saying the reserve is intended only for severe supply disruptions.
Bush plans to meet with his economic advisors at the Energy Department on Friday to receive a briefing on how the rising energy prices are affecting the U.S. economy.
Bush, who has appealed to Congress to lift a moratorium on offshore drilling, will also discuss his plan to increase domestic drilling and reforms that could increase U.S. refining capacity.
Many lawmakers have blamed the influx of large index traders, such as hedge and pension funds, in futures markets for the price run up.
"Speculative bubbles emerge, regulators do nothing in the name of
letting markets do their magic, the bubble bursts, and consumers and
taxpayers pay the bill," Democratic Rep. Rosa DeLauro said at the
hearing.
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