Markey: President's New Oil Deal Pours More Into Reserves, Despite High Prices
Bush Strategy-Allow OPEC and Speculators to Govern Energy Policy, Says ChairmanWASHINGTON (November 8, 2007) – Today President Bush’s Department of Energy (DOE) announced a new contract to pour even more oil into the Strategic Petroleum Reserve (SPR), even as prices stay high and financial speculation has far from diminished. The new contract with Shell Trading Company, Sunoco Logistics, and BP North America will up the daily deliveries by 20,000 barrels a day, from 50,000 to 70,000, totaling12.3 million barrels.
Late last week, Rep. Edward J. Markey (D-Mass.), Chairman of the Select Committee on Energy Independence and Global Warming, called on the President to release oil from the SPR and the Northeast Home Heating Oil Reserve. His letter to the President can be found here: http://www.globalwarming.house.gov/tools/assets/files/0171.pdf
Below is the statement of Chairman Markey:
“The president is wheeling and dealing with oil companies while American consumers are reeling from dealing with $3 gas and heating oil. While President Bush boasts that more oil is going into the Strategic Petroleum Reserve, America is hemorrhaging funds to pay for oil imports at the rate of more than $30 million an hour.
“The president should indicate his willingness to release oil from the SPR in order to curb excessive speculation. At the same time, the president should endorse the legislation currently pending before Congress which would increase fuel economy standards up to 35 miles per gallon by 2020.”
The Select Committee was active during the 110th and 111th Congresses. This is an archived version of the website, to ensure that the public has ongoing access to the Select Committee record. This website, including external links, will not be updated after Jan. 3rd, 2010.
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