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September 2008 |
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Rahall Calls on President to Release Oil from Strategic Petroleum Reserve |
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July 10, 2008
CONTACT: Allyson Groff or Blake Androff, 202-226-9019
Washington, D.C. - House Natural Resources Committee Chairman Nick J. Rahall (D-WV) Thursday urged the President to use his authority to immediately draw down the Strategic Petroleum Reserve (SPR) to help expand supplies in the market and reduce record-high gas prices. Rahall's statement follows:
"The SPR is currently holding 702 million barrels of oil, an amount that represents 97 percent of the Reserve's total capacity; it makes absolutely no sense to allow that readily available oil to sit in a hole in the ground for safe-keeping while American families and businesses are suffering from record prices at the pump.
"The Congress has already acted to halt shipments of oil to the SPR so that more oil can flow to the marketplace and help ease the pain at the pump; it is the President's turn to exert leadership during these harsh economic times by drawing down a small portion of the Reserve. Just as Big Oil has been asked to drill now on the public lands and waters it already controls, the President should act now to give Americans access to the oil resources we already have. We have it - let's use it."
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