This C code:

#include <Python.h>
int main(int argc, char *argv[])
{
    Py_Initialize(); Py_Finalize();
    Py_Initialize(); Py_Finalize();
    Py_Initialize(); Py_Finalize();
    Py_Initialize(); Py_Finalize();
    Py_Initialize(); Py_Finalize();
    Py_Initialize(); Py_Finalize();
    Py_Initialize(); Py_Finalize();
}

Produces this output:
[7438 refs]
[7499 refs]
[7550 refs]
[7601 refs]
[7652 refs]
[7703 refs]
[7754 refs]

A similar program configured to call the Py_Initialize()/Py_Finalize() 1000 times ends up with:
...
[58295 refs]
[58346 refs]
[58397 refs]

This is with a fresh debug build of Python 2.5.0 on Windows XP, using Visual C++ 2003.