Parkersburg News and Sentinel - Obama Praised, Criticized Over Oil Release

News Article

West Virginia's two Republican congressman are criticizing the president's decision to release oil from the Strategic Petroleum Reserve while a senator says it will lead to lower gasoline prices.

President Obama Thursday said 30 million of the 60 million barrels being held in the reserves will be released.

The oil will be released during the next month, according to Energy Secretary Steven Chu, who said the release is in response to disruptions in the crude supply because of the situation in Libya and other countries. The unrest in Libya where citizens are trying to oust Moammar Gadhafi has caused a loss of about 1.5 million barrels of oil per day from global markets, according to the U.S. Department of Energy.

Rep. David McKinley, R-W.Va., cited how the president will release the oil, saying it was beyond comprehension when the administration stifles congressional attempts for energy independence.

"The United States is suffering from a lack of vision on energy policy. Oil, gas and coal - sources that account for over 80 percent of America's energy supply - are under attack from this administration," McKinley said. "The president refuses to address the energy crisis we have in America and instead is ignoring the facts and tapping into our emergency supply. That is not only short-sighted, it is irresponsible."

McKinley, a first-term representative from the 1st District, is a member of the a member of the Energy and Commerce Committee.

Rep. Shelley Moore Capito, a member of the House Energy Action Team, also said the United States has resources here that can be tapped creating jobs and energy independence.

"We have the resources right here in America - oil, coal, and natural gas - to power our nation, decrease energy costs and create jobs. The president, however, insists on tapping into strategic emergency oil reserves instead of developing our own resources. Even more, the president wants Brazil to increase their oil supply so we can be their best customers," she said. "That approach to energy policy is abhorrent to economic growth and it needs to stop."

Associated Press reported the price of crude oil dropped Thursday with the announcement that the United States and other countries will release oil from strategic reserves. Crude oil has stayed around $100 a barrel since February.

In the upper chamber, Sen. Jay Rockefeller, D-W.Va., said the release will drive gasoline prices down.

"This has worked before and should help the economy," Rockefeller said. "I'm also optimistic that some of the other actions we have taken to help bring gas prices down - like cracking down on speculators - will bring real relief to consumers soon."

Presidents have used the strategic reserve in the last 20 years during the Persian Gulf War and Hurricane Katrina, Rockefeller said. The result was a drop in the price of oil of between 9 percent and 33 percent, he said.

Source