For Immediate Release
July 24, 2008 |
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Levin Statement in Support of the Consumer Energy Supply Act of 2008 |
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(Washington D.C.)- U.S. Rep. Sander Levin (D-Royal Oak) made the following floor statement in support of the Consumer Energy Supply Act of 2008.
Mr. Speaker, all of us are aware of the soaring cost of gasoline and the impact it is having on the people we represent. Our constituents want to know what we're doing to provide relief at the pump.
Over the initial opposition of the White House, the Congress has already passed legislation to suspend further oil purchases for the Strategic Petroleum Reserve this year, freeing up 70,000 gallons of oil a day for use by consumers. Further action is needed to help the economy and help consumers.
The bill before the House today takes the next step. It requires the Energy Department to release 70 million barrels of light, sweet crude oil from the Strategic Petroleum Reserve in exchange for the same amount of heavier grade crude oil. Light, sweet crude oil contains less sulfur and is the easiest oil to refine into gasoline. Under this legislation, the Secretary of Energy would be directed to deploy 70 million barrels of light crude oil over the next six months. Passage of this bill would also be a shot across the bow of the speculators who have been driving up the cost of oil. More than any other action the Federal Government could take, this proposal has the greatest potential to reduce gasoline prices in the near term.
I know that some of my colleagues will object to the use of the Strategic Petroleum Reserve for this purpose. They will protest that the Reserve is for use in emergencies. Like a broken record, they will repeat their call to open up the entire Outer Continental Shelf to oil drilling. I do not agree. Rising oil and gasoline prices are causing serious damage to our Nation's economy. We have before us the means to mitigate some of that damage and do so immediately.
Vast areas of the Outer Continental Shelf are already open to drilling. Less than 2 years ago, and with my support, Congress voted to open up an additional 8.3 million acres for offshore exploration and drilling. All told, the oil companies are using only 10.5 million of the 44 million offshore acres that have already been leased to them. In any case, according to the Bush Administration's own Energy Information Administration, even if we repealed the offshore ban today, oil and gas production would not begin there until 2017 at the earliest; further, lifting the remaining offshore drilling restrictions and I quote from the EIA analysis “would not have a significant impact on domestic crude oil and natural gas production or prices before 2030.”
We cannot wait until 2030. The need for relief at the pump is immediate. I urge all my colleagues to join me in supporting the legislation before the House.
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To Contact Congressman Levin: -
Email Congressman Levin In Michigan: 27085 Gratiot Ave, Roseville, MI 48066 | (586) 498-7122 | (248) 968-2025
In Washington: 1236 Longworth House Office Building, Washington, DC 20515 | (202) 225-4961
