Markey: Bush SPR Signing First Step, But More Can Be Done

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Contact: Select Committee, 202-225-4081

Markey: Bush SPR Signing First Step, But More Can Be Done

Swap Light and Heavy Crude, Release Oil to Cut Prices More, Says Chairman

WASHINGTON (May 20, 2008) – Rep. Edward J. Markey (D-Mass.), Chairman of the Select Committee on Energy Independence and Global Warming, and a co-sponsor of the Welch-Lampson-Markey legislation signed by the president, issued this statement on the enactment of the legislation:

“The president’s signature on this bill to end the purchase of millions of barrels of oil at record prices is an important first step, and now the Bush administration must consider other, more aggressive ways to use the Strategic Petroleum Reserve. The president should be using our nation’s oil reserve as a weapon to help consumers facing unprecedented prices at the pump.

“In a fire you’re supposed to ‘stop, drop and roll’ and when it comes to using the Strategic Petroleum Reserve to help consumers in an energy emergency, President Bush should ‘stop, swap and sell’. The president should switch lower cost heavy crude for the more expensive, light crude currently in the reserves and release oil from the reserves, which has an historical track record of success in bringing down prices.”

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