Capps Set to Vote to Temporarily Suspend Filling the Strategic Petroleum Reserve

Press Release

Common Sense Measure would Save Tax Payer Dollars and Help Lower Price of Gas

Congresswoman Lois Capps released the following statement in support of H.R. 6022, the Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act of 2008. Capps is an original cosponsor of the legislation. The Senate approved a similar measure earlier today by a vote of 97-1. The House is expected to pass this legislation with broad bipartisan support later tonight:

"Madam Speaker, I rise in strong support of H.R. 6022, the Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act of 2008, which will temporarily suspend filling the nation's Strategic Petroleum Reserve (SPR).

"Paying top dollar to fill the SPR is a poor use of precious tax payer dollars, particularly when there's no pressing need to add additional petroleum to the reserve at this time. What's more, experts say that temporarily suspending the fill of the SPR is something that can be done right now to immediately lower gas prices for American families.

"As oil and gas prices continue to climb to new record highs and with the summer driving season approaching, consumers are in dire need of immediate relief from skyrocketing prices at the pump. Over the last six years, the price of oil has risen by nearly $100 and gas prices have more than tripled.

"According to recent projections by the Energy Department, consumers are likely to face even higher prices at the pump this summer. They project that gas prices could rise to above $4.00 per gallon during the summer driving season.

"Despite these record energy prices, the U.S. is currently taking 70,000 barrels of oil a day off the market to continue filling the SPR. Moreover, the Energy Department recently announced plans to increase this SPR fill rate to 76,000 barrels per day before the end of the summer.

"Madam Speaker, this just doesn't make any sense.

"Even President Bush has suspended SPR purchases in order to lower fuel prices. In April 2006, the President said:

"I've directed the Department of Energy to defer filling the reserve this summer. Our strategic reserve is sufficiently large enough to guard against any major supply disruption over the next few months. So by deferring deposits until the fall, we'll leave a little more oil on the market. Every little bit helps."

"Well, the President was right about something: every little bit does help. It's time to halt filling the SPR.

"What's surprising is that now President Bush is rejecting bipartisan calls from Congress to once again suspend filling the SPR. It's curious that the President would now reject a sound proposal that he once embraced even though gas prices are now at record highs.

In the absence of the President's leadership, the Democratic-led Congress is stepping in to force the Administration to do the right thing and suspend filling the SPR.

"Allowing more oil to reach the market will send a signal to oil speculators and will provide the type of immediate, targeted relief that we need right now.

"I urge all of my colleagues to support H.R. 6022, to help American families with skyrocketing gas prices."

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