Woolsey Backs Plan to Bring Down Gas Prices

Press Release

Congresswoman Lynn Woolsey today joined an overwhelming bipartisan majority in the House of Representatives in support of legislation that would temporarily suspend the filling of the Strategic Petroleum Reserve (SPR) until the end of the year and bring down the cost of gasoline. The Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act was approved by a vote of 385-25. The U.S. Senate passed a similar provision by a vote of 97-1.

"While gas prices are hitting record highs nationwide, drivers in the Bay Area are facing exceptionally high prices," Woolsey said. "As gas prices in many areas hover around $4 a gallon, drivers need help, and this legislation is common sense step that could help lower prices."

Filling of the SPR takes 70,000 barrels of oil off the market each day. A temporary suspension could reduce gas prices from 5 to 24 cents a gallon.

The House legislation temporarily suspends the Energy Department's (DOE) ability to directly purchase oil for the SPR through December 2008, unless the price of oil drops below $75 per barrel. The Strategic Petroleum Reserve is roughly 97 percent full - the highest level ever - with enough oil to meet our national security needs. While Woolsey supported today's legislation, she does not believe it goes far enough in addressing the energy crisis that our nation faces.

"We've got to come to terms with the possibility that high gas prices are here to stay," Woolsey said. "That's why it's time to take a sweeping look at our energy policy in this country, and identify steps that we can take to become energy independent. We must promote policies that help commuters use public transportation, increase mileage standards for all cars and trucks, and most importantly, we need to embrace a new Apollo sized program that invests in green and renewable energies, and finally ends our dependency on foreign oil."

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