All four witnesses at today’s Senate Energy Committee hearing on crude oil and natural gas prices endorsed Sen. Bingaman’s recommendations to the Administration on how to deal with the high prices that Americans are paying for gasoline and other key transportation fuels. In March, Bingaman wrote to President Bush with suggestions on how to help relieve pressures in our nation’s fuels markets. All are actions that the President can take now, with no further legislation from Congress. Each of today’s witnesses acknowledged that high prices for motor fuels are largely due to high crude oil prices … but also due to ineffective Administration policies: -- Witnesses debunked the notion that continuing to fill the Strategic Petroleum Reserve at a time of exceptional tightness in oil markets has an insignificant effect on prices. The EIA Administrator said that diverting 100,000 barrels of oil from the market to fill the SPR can add up to $1.00 to the cost of each barrel of oil. (In his letter, Bingaman asked the President to temporarily suspend SPR deliveries to signal to the market that the Administration recognizes the depth of economic hardship being caused by current high prices.) Also mentioned was the EIA analysis which concluded that "the changes to production, consumption, imports and prices [would be] negligible" if the energy conference report became law. -- Witnesses went on the record in support of Bingaman’s proposal that the Administration, with public involvement, begin a dialogue that will lead to the development of a much-needed national fuels strategy. -- Witnesses endorsed Bingaman’s recommendation that the Administration set in motion a stakeholder process to increase in U.S. refining capacity, especially in areas that are now importing gasoline to keep up with demand. -- Witnesses expressed support for Bingaman’s proposal that the President direct the EPA, with assistance from the Energy Department, to take steps to reduce the proliferation of “boutique” fuels across the country. Testimony is posted in the Hearings tab of this website.