    [Public Papers of the Presidents of the United States: William J. Clinton (1996, Book I)]
    [April 29, 1996]
    [Page 661]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement on Action on Gasoline Prices
    April 29, 1996

        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.