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Press Release

For Immediate Release
May 13, 2008
Contact: Sean C. Bonyun
(202) 225-3761

Upton: Suspending SPR a Noteworthy Step, but Long-Term Solutions Essential
As gas hits $3.99 in Kalamazoo, measure seeks to alleviate pressure on petroleum demand and reduce ballooning gas prices – Upton seeks to boost domestic exploration

WASHINGTON, DC - Congressman Fred Upton (R-St. Joseph), top Republican on the House Subcommittee on Energy and Air Quality, called today’s vote to temporarily suspend the placement of oil into the Strategic Petroleum Reserve (SPR) an important, temporary step to reduce skyrocketing gas prices.  Upton, however, strongly believes that our energy supply is a matter of national security and we must pursue long-term solutions, including domestic exploration, to address rising energy costs and the growing global demand for oil.  The U.S. currently pumps 70,000 barrels of oil a day into the SPR - the record level 703 million barrels now in the reserve would fulfill the nation’s petroleum needs for 58 days.  The measure overwhelmingly passed the House by a vote of 385 to 25.

“It should be our utmost priority, a critical matter of national security, to achieve long-term solutions as gas prices continue to hit record highs on a daily basis,” said Upton.  “According to some analysts, temporarily turning off the Strategic Petroleum Reserve spigot should deflate gas prices by at least five cents a gallon.  But we have a charge to put aside partisan politics and start pursuing long-term strategies to fortify our nation’s energy supply and economy for generations to come.  In just three regions of our country alone; Alaska, the outer continental shelf and three western states, we have an estimated capacity of nearly 1.6 trillion barrels – yet these resources are off limits.  Such policies defy common sense.” 

Three specific regions with vast resources that are currently off limits to exploration include:  

The U.S. currently imports 70 percent of the nation’s oil demand and is expected to import 88 percent of our petroleum needs by 2012.  In 1995, President Bill Clinton vetoed legislation which would have allowed environmentally responsible exploration for an estimated 10.4 billion barrels of oil in a tiny sliver of Alaska.  Had President Clinton not vetoed domestic production in favor of higher oil imports, the U.S. would be domestically producing more than 1 million barrels of oil a day and our economy would be fortified by a more diverse supply of oil production.  If halting delivery of 70,000 barrels a day to the SPR would reduce gasoline prices by about 5 cents per gallon, then 1 million barrels of oil a day from the production from ANWR would theoretically reduce gasoline prices by 70 cents per gallon.

“Our responsibilities are twofold – fortify our nation’s energy supply for generations to come, all the while preserving our fragile ecosystem,” said Upton.  “If we were permitted to utilize our vast domestic energy reserves, prices would fall and the United States would achieve a greater level of energy security.  We have the capability and technology to responsibly pursue domestic exploration, and our nation will be better for it.”

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