Oil Prices Surge Pointing to a Negative Verdict on Obama's Strategic Petroleum Release Strategy

Statement

Less than two weeks after President Obama spent millions of taxpayer dollars to release reserves from the Strategic Petroleum Reserve (SPR), crude-oil futures surged to their highest closing level in three weeks. Citing an article published by the Wall Street Journal today, Congressman Jeff Landry -- the House's leading authority on drilling in the Gulf of Mexico -- noted the President's SPR strategy has failed the American People.

"Last month, the President acknowledged that we compete in a supply-based market. However, as predicted, the President's strategy to release 5% of our emergency oil reserve from the SPR has done nothing to lower energy prices long-term," said Landry. "Instead, it was just another debt-creating move by the President to gain short-term political points."

"For months, I have urged the President to reduce the debt, create jobs, and lower the prices at the pump by tapping into our real reserves -- oil found in Alaska and the Gulf of Mexico," continued Landry. "Yet, with oil prices surging, the President continues his failure of leadership by not enacting a sound, affordable, domestic energy policy. If the President did more to develop domestic energy production, we would see different results -- more government revenue, job creation, and a recovering economy."

"The path to long-term economic growth is debt reduction and lower energy prices, not more of the President's irresponsible, political stunts," concluded Landry.

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