[Weekly Compilation of Presidential Documents Volume 32, Number 18 (Monday, May 6, 1996)]
[Page 758]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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.