Washington, D.C. – Rep. Towns today joined an overwhelming bipartisan majority in the House of Representatives in support of legislation that would temporarily suspend the filling of the Strategic Petroleum Reserve (SPR) until the end of the year and bring down the cost of gasoline.

“For the last several weeks, gas prices have skyrocketed nearly every day and drivers in Brooklyn are suffering,” said Rep. Towns. “The legislation that Congress passed today will provide immediate relief for middle class families struggling with high gas prices.”

Filling of the SPR takes 70,000 barrels of oil off the market each day.  A temporary suspension could reduce gas prices from 5 to 24 cents a gallon.  The House legislation temporarily suspends the Energy Department’s (DOE) ability to directly purchase oil for the SPR through December 2008, unless the price of oil drops below $75 per barrel. The Strategic Petroleum Reserve is roughly 97 percent full – the highest level ever – with enough oil to meet our national security needs. 

President Bush has the power to stop filling the SPR and Democratic leaders, along with 16 Senate Republicans, have urged the President to take this common sense step. Unfortunately, the President has refused to take action and made Congressional action necessary. Multiple Presidents, including President Bush, President Clinton and the first President Bush have suspended the fill or tapped oil from the Strategic Petroleum Reserve.  In 2000, after such action, the price of oil dropped down by one-third – from $30 to $20 per barrel.

“Given the state of the American economy, many hardworking Brooklyn families are struggling to make ends meet and real relief is absolutely necessary.  It is unconscionable that President Bush has failed to act to help American families and businesses at the pump,” added Towns. “I will continue to work with my Democratic colleagues to bring down gas prices, so that families can better cope with the strain of the current economic downturn.”

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