Pelosi Statement on President Signing Legislation to Suspend Filling the
Strategic Petroleum Reserve
WASHINGTON, May 20 /PRNewswire-USNewswire/ -- 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. 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 Office of the Speaker of the House
Brendan Daly or Drew Hammill, both of the Office of the Speaker of the House,
+1-202-226-7616
