Congressman Sander Levin

Lawmakers Back Bill to Free Up 70,000 Barrels of Crude Oil a Day

With gas prices across the country at or near record highs, a group of House lawmakers have sponsored legislation [H.R. 5473] to suspend further crude oil shipments to the Strategic Petroleum Reserve (SPR). I am a cosponsor of this important piece of legislation to help lower prices for America’s families, businesses, and the economy.

Currently, the SPR is over 97 percent full with more than 700 million barrels in reserve. Yet, even as American families struggle with record-high energy prices, the Bush Administration is soliciting bids to acquire 13 million barrels of additional oil. Filling the SPR takes 70,000 barrels of oil off the market each day.

H.R. 5473 would suspend any further acquisition for the SPR in calendar year 2008 Temporarily suspending SPR purchases will send a signal to oil speculators, who have been bidding up the price of petroleum, and could provide immediate relief to consumers.