PRESS RELEASE

For Immediate Release

May 13, 2008

Contact:        Mark Bergman

                202-225-5206 (office)

Congressman Hodes Urges Passage of the Strategic Petroleum Reserve Fill Suspension Act

Washington, DC--- Today, Congressman Paul Hodes urged the U.S. House of Representatives to pass H.R.6022, the Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act of 2008, which suspends shipments to the Strategic Petroleum Reserve (SPR) to help bring down gasoline prices. Congressman Hodes is a co-sponsor of the legislation and has written to President Bush calling on him to suspend shipments to the SPR.

To combat record gas prices, which today climbed to $3.72 a gallon, this legislation would temporarily suspend the fill of the Strategic Petroleum Reserve (SPR) until the end of the year.

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 be a critical first step for America’s families, businesses, and the economy.  [EIA, 4/08; Testimony by Philip Verleger, Petroleum Economist, 12/07]

In addition to repeated Democratic calls, 16 Senate Republicans have sent a letter to President Bush calling to halt deposits of oil into the SPR, including Senators Gregg and Sununu.

“Soaring gas prices are hurting working New Hampshire families struggling with the economic downturn,” Congressman Paul Hodes said. “Suspending shipments to the Strategic Petroleum Reserve will provide immediate relief to families before the summer driving season.

“It’s why I called on President Bush to use his authority to suspend shipments to the SPR. Since President Bush has been unwilling to use his authority, I urge the House to pass this legislation to give immediate relief to New Hampshire families in need.”

Currently the SPR is 95 percent full with 695 million gallons in reserve.  In August 2005, the Bush administration successfully used a temporary suspension to relieve rising fuel prices following Hurricanes Katrina and Rita.  Consumers are facing an equally difficult situation today, as gas prices have skyrocketed more than 70 cents per gallon in the last year alone.

The House is scheduled to the take up the legislation this evening.