Markey: Aggressively Using Strategic Petroleum Reserve Will Bring Immediate Consumer Relief
FOR IMMEDIATE RELEASE
Contact: Chairman Ed Markey, 202-225-4081
Markey: Aggressively Using Strategic Petroleum Reserve Will Bring Immediate Consumer Relief
Chairman Joins Speaker Pelosi, Others Calling on President Bush to Deploy “Consumer Price Weapon”
WASHINGTON (July 10, 2008) – Rep. Edward J. Markey (D-Mass.) today joined House Speaker Nancy Pelosi and other House leaders in calling on the president to release oil from the Strategic Petroleum Reserve (SPR).“We have millions of barrels of oil we could release into the market today, without drilling one single well and giving away our coastline to Big Oil,” said Rep. Markey, Chairman of the Select Committee on Energy Independence and Global Warming. “Congress has already instructed the president to stop filling the Strategic Petroleum Reserve. Now he must use this weapon against high gas prices.”
Rep. Markey was a principal co-sponsor of the House legislation that in May forced the president to stop filling the SPR at a rate of 70,000 barrels a day. He has previously called on the president to release oil from the SPR.
He has also called for the exchange in the SPR of light sweet crude, which is the most desirable source material to refine into gasoline and diesel fuels, for heavy crude oil, which will be needed for home heating oil later in the year. Because heavy crude is cheaper than light sweet crude, the bill would also raise revenues that can be re-directed to renewable energy and low-income fuel assistance funds.
The SPR currently holds well over 700 million barrels of oil, and is at more than 97 percent capacity. The president has broad authority to deploy oil from the reserves during times of national emergencies, and previous actions to use the SPR by the current president and past presidents have reduced the price of oil.
The high price of gasoline has consistently polled as the number one concern of Americans today and has become a serious economic hindrance on overall economic growth and on American families’ budgets.
# # #
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.
del.icio.us
Digg this
Reddit
Stumbleupon
Print This Page