Golden, Gottheimer Lead Group to Press White House to Continue Releasing Oil from National Reserves Past Planned October End Date

Press Release

With the costs of gas and heating oil still too high despite falling prices, Congressman Jared Golden (ME-02) and Congressman Josh Gottheimer (NJ-05) led a group of six House lawmakers today to urge President Biden to take further action to lower domestic energy prices heading into the colder months. Golden called on the president to continue to release inventory from the Strategic Petroleum Reserve (SPR) beyond October of this year, when the current release plan is slated to end, and to commit to purchases to backfill the reserve.

Joining Golden and Gottheimer on the letter were Reps. Kim Schrier (WA-08), Tom O'Halleran (AZ-01), Dan Kildee (MI-05), Dina Titus (NV-01), Chris Pappas (NH-01), and Susan Wild (PA-07).

"We urge your administration to commit to releasing additional barrels of oil from the SPR through the end of this year, at a minimum," wrote the lawmakers. "The continued volatility of the global and domestic markets merits this approach in order to provide stability and to ensure that gasoline and oil prices continue their downward trajectory at a time when households, particularly in the Northeast, require more energy to stay warm during the fall and winter. Turning off supply from the SPR at the end of October could be harmful to my constituents and working-class families across the country should there be a sudden increase in the cost of gasoline and heating oil during the coldest months of the year

According to the Treasury Department, releases from the SPR contribute up to a 31 cent per gallon decrease in price for consumers at the pump.

"To provide assurances to domestic oil and gas producers, your administration should commit to purchasing barrels to backfill the SPR," the letter continued. "As of July, there was $121 million in the SPR Fund that could be used for this purpose and would make clear that the federal government is serious about making long-term investments in domestic energy to reduce costs for consumers and protect producers in an uncertain global market. Moreover, purchasing more barrels for the SPR will safeguard supply both now and in the future should domestic or international conditions cause a severe energy supply interruption that requires you to draw down and sell barrels."

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