Statement on the Organization of Petroleum Exporting Countries Production Decision and the Legislative Agenda for Energy Security

Today's announcement that OPEC members will increase production is a positive development. These increases will help sustain worldwide economic growth and provide greater balance between oil supply and demand. While oil prices are projected to fall this year, we will continue to closely monitor developments in world oil markets in the coming months.

Congress should waste no more time in getting to work on the critical measures to improve America's energy security that I have proposed. Congress has failed to act on energy security measures, including new tax incentives to support domestic oil producers, tax incentives and investments to promote the use of alternative and more efficient energy technologies, the establishment of a regional home heating oil reserve, and reauthorization of the Strategic Petroleum Reserve. These measures should be passed into law without delay.