Nancy Pelosi Statement on Bush Signing Legislation to Suspend Filling the Strategic Petroleum Reserve

May 20, 2008 -- Washington, D.C. – Speaker Nancy Pelosi today released the following statement following news that President Bush has signed legislation to temporarily suspend the filling of the Strategic Petroleum Reserve through the end of the year, as long as the price of crude oil remains above $75 per barrel.

A technician works on a Strategic Petroleum Reserve wellhead.: DOE photo

Current shipments to the Strategic Petroleum Reserve, which is now 97 percent full, will end on June 30.

“In response to bipartisan action by the New Direction Congress, President Bush has signed our legislation – which he previously opposed – to temporarily suspend filling the Strategic Petroleum Reserve. Last week, in response to passage of our legislation, the Bush Administration agreed to stop wasting taxpayer money by putting 70,000 barrels of oil each day into the Strategic Petroleum Reserve.

“The President suspended purchases in 2006, agreeing that ‘every little bit helps.’ As the price of oil per barrel nears $130, suspending purchases will expand oil supplies and help bring down fuel costs for consumers.

"Later this week, the House will act on legislation that will extend and expand tax incentives to invest in renewable energy and create the green jobs of the future, and today approve new legislation to hold OPEC and oil companies accountable for oil price fixing.”

Source: Speaker Nancy Pelosi