U.S. Sen. David Vitter today made the following comments on the Obama administration's decision to release 30 million barrels of oil from the Strategic Petroleum Reserve (SPR):
"This is now the second time that the Obama administration has admitted that supply is the main problem behind our rising gas prices; first came their encouragement of other countries like Brazil to step up their production and now comes this move to open our own Strategic Petroleum Reserve. As long as they continue to virtually shut down energy exploration here at home, this opening of the reserve will do absolutely nothing to help our long-term supply problem, and it certainly won't put the Gulf energy industry back to work," said Vitter. "We need long-term, expansive domestic energy measures like my 3-D legislation."
The Energy Information Administration recently estimated that domestic offshore oil production would decline by 220,000 barrels per day this year due to the effects of the Obama administration's virtual shutdown of drilling in the Gulf of Mexico. That is equivalent to more than 80 million barrels less oil per year -- or 50 million barrels more than what the Obama administration has decided to release from the SPR.
Earlier this year, Vitter introduced 3-D: The Domestic Jobs, Domestic Energy, and Deficit Reduction Act of 2011, which would create more than 2 million jobs, $10 trillion in economic activity and $2 trillion in federal tax receipts (conservative 30-year estimates) by unleashing America's vast domestic energy potential.