Kennedy Supports Suspension of the Strategic Petroleum Reserve Fill

Press Release

Kennedy Supports Suspension of the Strategic Petroleum Reserve Fill

Congressman Patrick Kennedy (D-R.I.) strongly supports H.R. 6022, the ‘Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act of 2008.' The legislation will temporarily suspend the extra deposits to the Strategic Petroleum Reserve, easing demand and lowering gas prices in the short term.

"I believe this bill is a critical first step in alleviating some of the stress Rhode Islanders are feeling when they go to the pumps and see that the price of gas keeps going up everyday," said Congressman Kennedy. "A lot of people would be shocked to learn that our government is diverting millions of barrels of oil from the market and storing them away for a rainy day'. This just makes no sense."

According to economists, filling of the SPR takes 70,000 barrels of oil off the market each day and a temporary suspension could reduce gas prices from 5 to 24 cents a gallon, which would provide a welcome relief 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. There is more in the Reserve than there was in 2006, 702 million barrels vs. 688 million in 2006. The current inventory exceeds our International Energy Program commitment to maintain at least 90 days of oil stocks in reserve.

"These activities have been suspended during times of high gas prices, and they should be suspended again. Consumers across the country are crying out for relief. We need to move on this now," added Kennedy.

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