Levin and Fellow Dems to Bush: Lower Gas Prices by Suspending Fill of Strategic Petroleum Reserve

Press Release

Congressman Sander Levin and other lawmakers are calling on President Bush to help working families by taking action to lower the cost of gasoline. In a letter to the president, Rep. Levin and other House Members urged President Bush to suspend the filling of the Strategic Petroleum Reserve (SPR), an action the president has the power to take immediately to lower the price at the pump. Not only would this action put more oil on the market, it could also have an immediate impact on speculators who are driving up oil prices.

"We should be taking every action possible to reduce fuel costs for struggling families, and halting shipments to the Strategic Petroleum Reserve should be the obvious first step," said Levin. "Suspending the fill of the SPR will instantly free up 70,000 barrels of oil a day, putting more supply on the market and lowering the price of oil and gasoline. I cannot understand why the president is resisting this action to help reduce gas prices."

The SPR is currently 97% full. Congressman Levin has also co-sponsored a bill to suspend the fill of the SPR, but the legislation would not be necessary if the president chooses to take action on his own. Bush halted the fill of the SPR in 2006, when oil was trading at $69 a barrel, saying, "Every little bit helps." But with oil now at a record $120 per barrel, the president is resisting a stoppage of shipments to the SPR.

Source