Posted on 03/10/2011 11:40:14 AM PST by jazusamo
“This is the time to deploy a responsible amount of reserves before it is too late,” Rep. Edward Markey (D-Mass.), the author of the new bill, told reporters.
Markey's bill represents the latest effort by Democrats to release oil from the Strategic Petroleum Reserve (SPR), a 727-million-barrel emergency stockpile of oil. But the proposal faces opposition from Republicans and at least one senior House Democrat.
The legislation would require that over the next six months at least 30 million barrels of oil be released from the SPR. President Obama ultimately has the authority to release oil from the SPR.
Markey said the bill would prevent gas prices from increasing 25 to 30 percent.
The lawmakers blamed market speculation in part for driving oil prices into the triple digits, citing concerns by a Commodity Futures Trading Commission commissioner about the issue.
“We must send a signal to those speculators that we will not allow them to play games with our economy,” Markey said.
Markey also targeted a new energy plan released by House Republicans Thursday that calls for boosting domestic oil-and-gas production and streamline permitting for various types of energy projects, including nuclear power plants.
“Their plan is not an all of the above strategy, it is an oil above all strategy,” Markey said.
“The drill, baby, drill mantra won’t reduce our oil dependency and it won’t provide relief from volatile oil prices either,” Rep. Lois Capps (D-Calif.), a co-sponsor of the bill, said.
Analysts say expanded oil and gas production in the United States will likely have only a minimal affect on gas prices.
But the House Democrats acknowledged Thursday that releasing U.S. oil reserves is not a long-term solution.
“We have a short-term problem, we have a tool that can provide short-term relief,” Rep. Peter Welch (D-Vt.), another co-sponsor of the bill, said.
Welch said Democrats want to pass legislation to move the country off of its reliance on oil, but they are being blocked by the Republican majority.
Top Senate Democrats, including Senate Energy and Natural Resources Committe Chairman Jeff Bingaman (D-N.M.) and Sen. Jay Rockefeller (D-W.Va.), have also called for tapping the reserve.
But the SPR legislation could face an uphill battle in the House, with Republicans largely criticizing such an effort and House Minority Whip Steny Hoyer (D-Md.) saying Wednesday that he opposes tapping the reserve.
At the same time, administration officials have said they are considering tapping the SPR, but have cautioned that it is meant to address supply disruptions, not price spikes.
The legislation would also require that the SPR in the future include some refined petroleum products like gasoline and diesel fuel that could be released in the event of an emergency. It would also allow the Energy Department to find new oil storage facilities. Lastly, the bill would ensure that no more than 10 percent of the SPR is deployed at one time.
The legislation is co-sponsored by Reps. Bill Owens (D-N.Y.) and Rosa DeLauro (R-Conn.).
bull....cut the fed tax....
Don’t tap, drill! Don’t let the dems out of this. It’s their fault! Besides, we’d have to refill the reserves at today’s rates. Don’t Tap, Just Drill!
name still needs to be changed....to the Save a Democrat’s Political A*s Strategic Reserve
That would be too logical for a Liberal. To be Liberal you have to do the exact wrong thing first time every time.Yes they are that stupid.
Morons trying to save the messiah of morons in Obama. Why don’t they just allow for more drilling instead of a temporary solution such as tapping oil reserves? I’ll strangle a spotted owl if it makes me pay less at the pump.
Stupid, stupid, stupid.
Supply is NOT a problem.
The reserve was developed if supplies of oil from overseas are cut.
BTW, when the Energy Dept. began under Mr. Carter the US imported 40% of its oil. That number is now at least 60%.
The Energy Dept. was established to cut US dependence on foreign oil.
What a riot.
Exactly, it’s nuts. I guess Obama can do it without a bill and if so he probably will. Many don’t call him boy president for nothing.
Include a rider that allows drilling in ANWAR.
Then pass it.
The strategic reserve is not meant to reduce oil prices. It's for national defense needs, stupid Markey.
Hey malarkey have a Idea,Why don't we just drill and make money at the same time, you Pinko Azz.
Does everyone know what the National Strategic Oil Reserve is?
Does eveyone know what purpose it was meant to serve?
The dumbest, most anti-American proposal I've heard in years.
Hello?
"Strategic" does not mean allowing Obama to "look good," and destroy our country's means of military defense.
Precisely, they should be floating a bill to tap the natural reserves in the ground.
The fools lack the foresight and their leader wants America crippled.
An energy policy from a lemonade stand would be more responsible.
“This is the time to deploy a responsible amount of reserves before it is too late”
In other words, before it impacts the 2012 elections.
Why can’t we tap the oil reserves we have lying around in the various 57 states?
Drill here, drill now, pay less...
Also, make it illegal for anyone to trade commodity futures that they’re not able to deliver or take receipt of. It’s too easy to manipulate the prices to the detriment of the entire country and economy.
Naturally, the Democrat Marxists are yelling the loudest about the soaring price of gas, after years of fighting to ban drilling everywhere in the US.
Ten years ago, they said it would take ten years to bring new oil to market, so they banned drilling in ANWAR. Today, that oil would be helping to make the country more independent of the Middle East crazies that run the oil market with their cartel. The dumb GOP should be on TV every day, blaming Markey and his fellow travelers for $4 gas. The clueless voters do drive, and it just may get their attention as they fork over $80 for a fill-up.
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