Rep. Foster Votes to Increase Domestic Oil Supply

Press Release

Bill Would Provide Relief to Consumers by Tapping into SPR

In a continuing effort to bring down the high cost of gas prices, Rep. Bill Foster (IL-14) today voted to temporarily release oil from the Strategic Petroleum Reserve (SPR) to increase the supply of oil.

"While it is important to work towards long-term solutions to the energy crisis such as investing in alternative energy, releasing oil from the Strategic Petroleum Reserve is an immediate action that has the potential to reduce the price of gas right now," Foster said. "Consumers are being hit hard by the high energy costs, and by increasing our domestic supply of oil, the potential for lower gas prices increases as well."

H.R. 6578, the Consumer Energy Supply Act, will temporarily release nearly 10 percent of the oil from the SPR. The SPR will later be refilled with heavier, cheaper crude oil, potentially saving American taxpayers millions of dollars. The SPR is currently more than 97 percent full - the highest level ever - and holds enough oil to meet our national security needs. The legislation dictates that the SPR remain at least 90 percent full.

The bill was brought to a vote under a procedure that required a 2/3 majority vote for passage. However, the bill came short of reaching the 2/3 threshold needed for passage.

"Tapping oil from the SPR is a practical solution that can help the families in the 14th district of Illinois now," Foster said. "Though I am disappointed that this bill did not pass, I will continue to support measures like the Consumer Energy Supply Act to increase our domestic oil supply and end our dependence on foreign oil."

Releasing oil from the SPR is an action that has been successfully employed by Presidents George H.W. Bush, President Clinton, and George W. Bush. According to the Associated Press, "the action would have produced immediate relief at the pump, as was the case with similar releases in 1991, 2000 and 2005."

Source