FOR IMMEDIATE RELEASE

Tuesday, May 13, 2008

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Harry Gural (202) 225-5456

Shea-Porter Votes to Suspend the Purchase of Oil for the Strategic Petroleum Reserve

Legislation will Decrease the Demand for Oil

Washington, DC – Congresswoman Carol Shea-Porter today voted to temporarily suspend purchasing oil for the Strategic Petroleum Preserve.  The House of Representatives passed the bill with a large bipartisan majority.  The Senate overwhelmingly passed a similar measure earlier today.

Economists estimate that suspending purchases for the reserve could reduce the price of gasoline by as much as 24 cents a gallon. Since January 2001, the average price of gasoline has almost doubled from $1.47 per gallon to $3.72.  It is believed that gas prices and the home mortgage crisis are major factors in the current economic slowdown.

“I have two children who drive and we know the pain of these high gas prices,” said Shea-Porter.

“This legislation by itself is not enough.  That is why I have supported a number of good bills that have passed the House in the past year – eliminating tax subsidies for oil companies, preventing price gouging, dramatically increasing mileage standards, and investing in alternative energy.  We need an Apollo-type program to deal with the energy crisis.  It’s critical to our economy, and to our national security.”

Presently, the Strategic Petroleum Reserve is 97% full – the highest level ever.  In the past, temporarily suspending purchases for the reserve has been effective in lowering the price of gasoline.

Congresswoman Shea-Porter has been an aggressive advocate of sound energy policies throughout her tenure.  Twice this year, Shea-Porter and many of her colleagues wrote a letter to President Bush, asking that he suspend purchases for the oil reserve. The President has ignored this request, and he has threatened to veto the legislation that passed today.

While gas prices have skyrocketed, the five largest oil companies have recorded record profits – more than $37 billion for the first quarter of 2008. 

The Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act (H.R. 6022) passed the House of Representatives by a vote of 385 to 25.