Washington, Jul 24, 2008 - U.S. Rep. John Carter (TX-31) issued the following statement today after the House failed a bill to draw down the Strategic Petroleum Reserve.

“Today, this House voted to draw down the Strategic Petroleum Reserve by 70 million barrels.  American consumers use between 21-23 million barrels a day, so this bill provides us with just over 3 days worth of supply.  This is merely a tiny dent in the problem.

“The good news is my colleagues on the other side of the aisle finally realize that this is a supply problem.  70 million barrels may help the pain at the pump for a few days, but exploring for the billions of barrels of energy in ANWR, Outer Continental Shelf, and the Western United States will provide this country with the energy it needs for the long-haul.

“Increasing American energy supply is not an ideological issue like traditional marriage or abortion.  The question is simple; are you for the American people or radical environmental groups?  67 percent of Americans support safe, environmentally sound exploration of our resources.  The American people understand.  The President understands.  The only obstacle left before this energy can get to the American people is Speaker Pelosi and the Democrat Congress. 

“Americans are counting on Congress to work together and provide tangible commonsense solutions to this energy crisis.  Republicans have a bill, the American Energy Act which will increase the supply of American-made energy, improve conservation and efficiency, and promote renewable and alternative energy technologies.  All we are asking is the opportunity to vote on this bill.  It is the right thing to do, and what the American people deserve.”

Note: One major concern of drawing down the Strategic Petroleum Reserve is the potential harm of an oil supply shock.  The less we have in the SPR, and the more willing we are to use the SPR for non-strategic reasons, the more likely it would be that the U.S. could be harmed by an oil supply shock, and the stronger the signal would be to unscrupulous governments in Iran, Venezuela, Nigeria and elsewhere that the U.S. is vulnerable.

This bill would have also replaced light crude with heavy crude, drawing down crude that is easier to refine and subsequently replace it with crude that is harder to refine.  In the event of an oil supply shock, the heavy grade crude in the SPR, if released, would take longer (and thus be more costly) to refine, delaying the crisis-mitigating effects of the SPR.