Statement from Congressman Dold on the Administration's Decision to Tap the Strategic Petroleum Reserve

Statement

Dold Outlines His Plan to Lower Energy Costs and Create Jobs

U.S. Congressman Robert J. Dold (IL-10) issued the following statement today after the Administration announced that it would be releasing 30 million barrels of oil from the Strategic Petroleum Reserve. He also outlined his plan to utilize America's domestic energy resources, lower energy costs, and reduce the nation's dependence on foreign oil.

"America has vast domestic energy resources; however, access to these resources are being blocked by political gamesmanship," said Dold. "Today's announcement that the Administration is releasing 30 million barrels of oil from the Strategic Petroleum Reserve is troubling due to the lack of long-term solutions offered by the Administration. Rather than utilizing the resources we have at home- which would in turn create jobs and put Americans back to work- the Administration has decided to use our emergency energy reserve.

"My plan to lower energy costs and reduce our dependence on foreign oil is an "all of the above" approach. First, we must make production tax credits for clean, renewable fuel permanent. We also must utilize the energy resources we have in Illinois, as well as eliminate the boutique fuel policy that raises fuel costs. And finally, we need to continue to open up domestic exploration while we simultaneously increase our use of clean, alternative energy resources."

In April, Senator Kirk and Representative Dold laid out four policies that would help to lower gas prices and put Illinois back to work.

1. Make Production Tax Credits for Clean, Renewable Fuel Permanent: Congress has provided tax credits for green energy; unfortunately, these tax credits expire in 2012 and 2013. In order to encourage more development in the clean, alternative energy industry, Congress should make these tax credits permanent so that the clean energy industry can continue to provide and improve reliable, renewable American energy.

2. New Illinois Energy to Be Tapped: Researchers estimate that 86 trillion cubic feet of natural gas could be located in the Illinois Basin and using breakthrough technology, this natural gas could be used to fuel automobiles in the future.

3. Eliminate Defacto Gasoline Monopolies that Hurt Illinois Economy: Currently, federal regulations divide the gas market into 17 small monopolies, all with their own blend, also known as boutique fuels. This boutique fuel policy creates monopolies and high prices.

4. Open up the U.S. Supply of Oil: The House has passed several bills that would re-open U.S. drilling in different parts of the country, and allow the U.S. to continue to drill, while meeting the newest safety requirements, which would lower the cost of gas and put more Americans back to work.

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