Obama Administration Taps SPR in Short-term Political Reaction, Ignores Job Creating Potential of New American Energy Production
WASHINGTON, D.C., June 23, 2011 | Jill Strait, Spencer Pederson or Crystal Feldman (202-225-2761)
In a blatant admission that increasing the world oil supply will affect prices, the Obama Administration today released 30 million barrels of oil from the Strategic Petroleum Reserve (SPR). However, the SPR is not a political tool; it is intended for emergency situations when there is a dramatic shortfall in world oil supplies – which is not currently the case. The question must be asked—why is the Obama Administration tapping the SPR now? What has suddenly changed in Libya to make this an emergency situation?
Unfortunately, the damage caused by Obama Administration policies that lock-up our American energy resources greatly exceeds any gain from releasing just 30 million barrels from the SPR. Instead of the tapping the SPR, President Obama should support House Republican legislation to expand American energy production, put people back to work and lower energy costs.
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