PELOSI -- President Must Tap Oil Reserve Immediately

HOUSE SPEAKER NANCY PELOSI

News From Speaker Nancy Pelosi

Wednesday, July 9, 2008

Contact: Brendan Daly/Drew Hammill, 202-226-7616

Pelosi: President Must Tap Oil Reserve Immediately

Washington, D.C. - Speaker Nancy Pelosi released the following statement reiterating her letter yesterday to President Bush urging him to immediately tap the Strategic Petroleum Reserve:

"The Bush Administration's own Energy Information Administration announced yesterday that global supply uncertainties and increased worldwide demand are placing great pressure on our oil markets and driving record gas prices. It is time for the President to take the next step to help the American economy and American families and businesses. It took Congressional action to suspend filling the Strategic Petroleum Reserve; now we need Presidential leadership to provide much-needed relief by drawing down a small portion of the Reserve.

"This Administration has used the Strategic Petroleum Reserve in the past to combat both supply shortfalls and high energy prices, as have the Administrations of President Clinton and President George H.W. Bush. The Reserve currently holds 706 million barrels of oil - the most the Reserve has ever held. A small drawdown of the Reserve would increase the supply in the market, reduce the price consumers are paying at the pump this summer, send a strong message to oil speculators and not adversely affect the national security of our country.

"This Congress also supports responsible, increased domestic oil and gas production and that's why we want the industry to use the 68 million acres of public lands onshore and offshore they are sitting on. We will continue to push 'Use It or Lose It' legislation that will force oil companies to drill or give up the leases so others can."

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