Statement on Action on Gasoline Prices

Over the last several weeks, I have been concerned about the rise in gasoline prices at the pump. Today I am directing my administration to take the following steps.

First, I am asking the Secretary of Energy to immediately begin the process of orderly sales of approximately 12 million barrels of our Nation's strategic petroleum reserves. This step was authorized by the Congress last week as part of the omnibus appropriations bill.

Second, I am asking the Secretary of Energy to review market circumstances and report back to me within 45 days about the factors that led to the runup in prices. As part of that analysis, I am asking her to evaluate the expected market prices for the remainder of the peak summer driving season.

I believe these are the appropriate steps to take at this time. My administration will continue to monitor developments in this market in the coming weeks.