Markey to Bodman: Halt “Recklessly Irresponsible” New Contracts for Oil Reserve
FOR IMMEDIATE RELEASE
Contact: Eben Burnham-Snyder, Select Committee, 202-225-4081
Markey to Bodman: Halt “Recklessly Irresponsible” New Contracts for Oil Reserve
As Oil Hits New Highs, DOE Scheduled to Finalize Increase in Oil Purchases This Week
WASHINGTON (May 13, 2008) – Rep. Edward J. Markey (D-Mass.) asked Department of Energy head Samuel Bodman today to cease action on new contracts to purchase oil going into the nation’s Strategic Petroleum Reserve, citing Congress’ current action on legislation that would halt the filling of the reserves. According to DOE’s current schedule, the agency is currently soliciting bids to purchase an additional 13 million barrels of oil this year.The bids are due to the agency today, and DOE has said it plans to finalize the contracts as early as tomorrow, according to the letter.
The letter is available HERE:
“This administration shouldn’t be buying oil at $126 or more in the first place,” said Rep. Markey, who is Chairman of the Select Committee on Energy Independence and Global Warming. “Entering into new contracts to increase the amount of oil our government is buying when the policy is still in doubt is the last thing we should do.”
The House will debate a measure today introduced by Rep. Markey with Rep. Peter Welch (D-Vt.), and Rep. Nick Lampson (D-Tx.) that would halt the filling of the SPR. A similar measure passed the Senate today by a vote of 97-1. President Bush has said he will not use the SPR to tamp down prices, even though he has done so twice before when oil prices were substantially lower.
The letter states that “with Congressional action imminent, it would be recklessly irresponsible for your Department to enter into any further contracts to purchase oil to fill the Strategic Petroleum reserve in 2008 while prices remain high.”
The new contracts would not only continue purchasing oil for the remainder of the year, but would also increase the rate of oil purchases going into the SPR from 70,000 to 76,000 barrels of oil per day.
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The House Select Committee on Energy Independence and Global Warming was formed by House Speaker Nancy Pelosi (D-CA) to increase the visibility and priority given to America's oil dependence and global warming challenges. It is chaired by Rep. Edward J. Markey (D-MA) and will actively explore the solutions, science and progress on these pressing issues during the 110th Congress.
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