Senator Feingold Urges Bush To Bring Immediate Relief At The Pump

Presidential Approval to Release Oil from Strategic Petroleum Reserve would have most Immediate Impact at the Pump

August 1, 2008 -- Washington, D.C. – U.S. Senator Russ Feingold (D-WI) is urging President Bush to bring immediate relief at the gas pump. Feingold joined 35 other Senators in sending a letter to the President, authored by Senator Richard Durbin (D-IL), calling on the President to use his emergency authority to immediately release oil from the Strategic Petroleum Reserve (SPR).

Gas pump, Petrolia, California: Photo by gerry la Photo by gerry la londe-berg (CC)-berg (CC)

The SPR was created to provide relief during oil and gasoline supply shortages. While U.S. gas prices top $4.00 per gallon, the administration fails to release this extra oil which could immediately reduce gas prices.

“The most immediate action we can take to reduce gas prices is to release oil from the Strategic Petroleum Reserve,” Feingold said. “The truth is we can afford to temporarily take out oil from the Reserve, but Americans can no longer afford the prices at the pump."

In May, the U.S. Senate passed a measure co-sponsored by Feingold that called for a suspension of filling the SPR, which is nearly 97 percent full. While suspension of filling the SPR was enacted into law, the President has so far failed to authorize a release from the SPR. Releasing oil from the SPR would have an immediate effect on oil and gas prices unlike long-term proposals to open new land for offshore drilling.

The Senators wrote to the President, “This crisis…requires an immediate response, and you hold it in your power to authorize a release from the Strategic Petroleum Reserve that will immediately supplement our crude oil supply and break the cycle of spiraling speculation."

Source: Senator Russ Feingold