Rep. Courtney: President Won't Address Skyrocketing Oil Prices, So Congress Will

Press Release

Rep. Courtney: President Won't Address Skyrocketing Oil Prices, So Congress Will

Representative Joe Courtney and the House of Representatives will vote on H.R. 6022 this evening, the Strategic Petroleum Reserve Fill Suspension and Consumer Protect Act of 2008.

H.R. 6022 directs the Secretaries of Energy and Interior to temporarily suspend the filling of the Strategic Petroleum Reserve (SPR) for the remainder of 2008 as long as the price of oil stays above $75 per barrel. Congressman Courtney is an original cosponsor of the resolution because history shows that temporarily suspending deposits of oil into the SPR at a time of record prices would immediately lower the cost of fuel on the open market.

"President George Bush and House Republicans have an opportunity to join with Democrats to provide immediate relief to Connecticut's working families and the American people against record gas prices," stated Courtney. "The exorbitant cost of fuel is further crippling our economy at a time when we can least afford these devastating prices."

The SPR is approximately 97 percent full with 702.7 million barrels in reserve--- the highest level ever. This is roughly 15 million barrels more than were present in 2006 when President Bush said it was "sufficiently large enough to guard against any major supply disruption over the next few months." Experts and the DOE say that temporarily suspending the filling of the SPR would lower both oil and gas prices up to 24 cents per gallon. In 2000, just the announcement of a SPR moratorium reduced oil prices in the market from $30 a barrel to $20. This is a critical first step for American families who are struggling with the effects of spiraling gas prices.

Congressman Courtney has been advocating for a sensible plan to provide immediate relief to Connecticut's families and industry.

President Bush has suspended SPR purchases in the past in order to lower fuel prices. In April 2006, President Bush said, "I've directed the Department of Energy to defer filling the reserve this summer… So by deferring deposits until the fall, we'll leave a little more oil on the market. Every little bit helps."

"I once again urge the President to support this measure and to provide relief at the pumps," Courtney added.

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