Senator Feingold Calls On President To Free Up Oil Supply To Help Slash Energy Costs

With Americans Facing Record High Gas Prices, Feingold Joins Effort Calling on President to Stop Stocking Oil Reserve

March 18, 2008 -- Washington, D.C. – U.S. Senator Russ Feingold is calling on President Bush to stop filling the Strategic Petroleum Reserve (SPR) while American consumers face record high gas prices.

Feingold joined a group of his Senate colleagues led by Senator Byron Dorgan (D-ND) in writing to the President asking him to stop filling the SPR unless the price of oil drops below $75 per barrel. Taking oil off the market and putting it in the underground SPR is a contributing factor to current high energy prices. The SPR is currently 97 percent full.
U.S. Senator Russ Feingold
“Americans have been faced with constantly increasing energy costs that are taking their toll, especially on lower income Americans,” Feingold said. “By taking oil off the market to continuing to stock the SRP, even as it is near capacity, the government is pitting itself against American consumers.”

Oil prices last week closed above $108 per barrel and oil has been trading near or above $100 per barrel since February 19th. The U.S. average retail price of regular gasoline reached a new record high of $3.22 per gallon. One year ago, oil was trading at $60.05 per barrel and the average retail price of gasoline was $2.53 per gallon.

“With oil and gas prices at record highs, we should not be taking more oil off the market and sticking it under ground,” the Senators wrote. “Our federal government should not be pursuing policies that put upward pressure on energy prices when the price of oil is skyrocketing.”

Source: Senator Russ Feingold

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