Whitfield Works to Drive Down Prices at the Pump | News | Congressman Ed Whitfield

News | Congressman Ed Whitfield | United States Representative

Whitfield Works to Drive Down Prices at the Pump May 13, 2008 WASHINGTON - Heeding the call of Kentucky drivers paying record-breaking prices at the pump, U.S. Representative Ed Whitfield (KY-01) voted today to increase the nation's oil supply and drive down the cost of gasoline.

"Gasoline prices across the country have hit historic highs amidst an economic slow-down that has forced most Kentucky families to tighten their belts," Whitfield said. "Today, the average price for a gallon of gasoline in Kentucky was $3.73. This is simply unacceptable and I plan to fight to lower these prices and ease the financial burden on First District families and drivers."

Whitfield voted in favor of H.R. 6022, a bill which suspends the acquisition of petroleum for the Strategic Petroleum Reserve (SPR). The legislation will free up more oil to flow into the open market and, as a result, reduce the cost of gasoline. While there is no way to tell exactly how much this legislation will lower gas prices, many experts say it could reduce the cost by 5 to 24 cents a gallon. Whitfield said this is one of several steps needed to address rising fuel costs.

The SPR, an emergency petroleum store maintained by the United States Department of Energy, is the largest emergency supply in the world. The government obtains this oil in lieu of royalties that would otherwise be paid by producers who pump it from federal land. The bill Whitfield voted for today would temporarily halt the shipment of about 70,000 barrels of oil a day to the SPR. Once the energy market stabilizes and the price of a barrel of oil drops to $75 or less for a 90 day period, the acquisition of oil for the Strategic Petroleum Reserve will resume.

The United State's SPR has the capacity to hold 726 million barrels of oil. Currently, the reserve is 97% full holding 701 million barrels, equal to nearly two months of oil imports.

Whitfield recognizes that while this temporary suspension will provide some limited relief at the pump for Kentucky drivers, a long-term solution is needed to combat the nation's energy crisis. For this reason, Whitfield is working with some of his colleagues to craft legislation to provide both immediate relief for consumers and a far-sighted plan to increase America's energy supply for the long-run.

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