The oil in the SPR is intended to provide relief during times of severe disruption to America’s oil supply.  Since its creation following the oil embargo of 1973-74, the SPR has only been drawn down during the first Gulf War and following Hurricane Katrina.  Currently, the SPR holds just 58 days worth of U.S. oil imports. 

 “The Strategic Petroleum Reserve was created to help America withstand emergencies, and should not be used as a tool to bring down the price of oil,” said Congressman Murphy.  “Any impact draining the SPR might have on gas prices would be minimal and temporary.  To really bring prices down, we must increase production of American oil.”

 “The SPR is America’s savings account to protect us in times of threat or emergency.  You don’t drain your savings account when you are fully capable of going back to work—and we need to work at drilling for American oil, for American jobs to protect America’s long-term security.”

“Supporters of using the SPR oil claimed the increase in supply would reduce prices.  Additional supply does reduce prices, but let’s provide real supplies of oil to fix this problem—not a gimmick that lasts a few days.”

 The legislation Murphy opposed, H.R. 6578, would reduce the reserve by 70 million barrels, or 10 percent (about 4 days of usage in the U.S.).  A diminished SPR leaves the U.S. less equipped to cope with real emergencies that cut off U.S. oil imports.   

 Murphy continued, “Drilling for American oil increases America’s energy security, but depleting the SPR would make America even more vulnerable to events in unstable, often hostile, countries.”

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