Washington, D.C. - Last night, Congressman Joe Donnelly joined a bipartisan majority in the House of Representatives in support of legislation that would suspend the filling of the Strategic Petroleum Reserve (SPR) until the end of the year and bring down the cost of gasoline. H.R. 6022, The Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act, was approved by a vote of 385 to 25. The U.S. Senate passed a similar provision by a vote of 97 to 1.
“Hoosiers are facing record-high fuel prices,” Donnelly said. “They deserve relief at the pump and a government that works to provide that relief. The legislation passed last night will provide immediate relief to middle-class families that are struggling with high gas prices.”
The House legislation temporarily suspends the Energy Department’s (DOE) ability to directly purchase oil for the SPR through December 2008, unless the price of oil drops below $75 per barrel.
Donnelly is a cosponsor of the legislation and has been an advocate in Congress for halting oil shipments to the SPR until prices come down from the record-setting highs. On April 24, he sent a letter to President Bush asking him to suspend the purchase of oil for the SPR and release 20 million barrels of oil from the SPR to the market.
Independent industry estimates suggest that prices at the pump could soon be reduced by as much as twenty-five cents per gallon solely through the act of temporarily suspending the additional purchase of oil for the SPR.
The SPR was established in the aftermath of the 1970s oil shortages to be our nation’s backstop in future energy crises. Currently, the SPR is approximately 97 percent full, back to its pre-Hurricane Katrina levels.
“Given the state of the American economy, suspending the filling of the Strategic Petroleum Reserve is a logical first step to help American families and businesses at the pump,” Donnelly stressed. “We must combine this short-term relief with long-term solutions to our energy problems, so we can provide Hoosiers with lasting relief at the pump.”
The legislation is expected to be sent to the president for his signature by Memorial Day.
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