Space to Cast Vote to Lower Gas Prices

Press Release

SPACE TO CAST VOTE TO LOWER GAS PRICES

- Legislation Will Suspend the Filling of the Strategic Petroleum Reserve -

Taking another step in combating the growing gas price crisis, Congressman Zack Space (OH-18) will cast his vote this evening in favor of legislation he called for that will temporarily suspend the filling of the Strategic Petroleum Reserve (SPR). This act will maintain the SPR at its current 97% full level but add approximately 70,000 barrels of oil to the market per day.

"While this bill will not solve our current crisis, every little bit helps. This is yet another example of the both short and long-term proposals that will collectively help pull us out of this dangerous spiral," Space said.

"The 18th Congressional District is mostly rural, and my constituents do not have any other option but to drive to work," Space said. "As gas prices quickly approach $4 per gallon, our families' budgets are being stretched increasingly thin."

Filling of the SPR takes 70,000 barrels of oil off the market each day and a temporary suspension, according to both the Bush Administration as well as industry analysts, should reduce gas prices - a critical first step for America's families, businesses, and the economy.

The Strategic Petroleum Reserve is roughly 97 percent full - the highest level ever - with enough oil to meet our national security needs. The US has more in the SPR than we did in 2006 (702 million barrels vs. 688 million in 2006) when the President deferred deliveries stating, "Our Strategic Reserve is sufficiently large enough to guard against any major supply disruption over the next few months." [President Bush at the Renewable Fuels Association, 4/25/06] The current inventory exceeds our International Energy Program commitment to maintain at least 90 days of oil stocks in reserve.

The SPR has been tapped or suspended before by President Bush, President Clinton, and the first President Bush. In 2000, after such action, the price of oil dropped by one-third - from $30 to $20 per barrel.

Congressman Space has represented Ohio's 18th Congressional District since 2007. He is working to restore integrity to the office, expand Ohio's economy, and support renewable energy.

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