Today U.S. Representative Rick Larsen (WA-02) voted to temporarily release nearly 10 percent of the government’s Strategic Petroleum Reserve to increase the supply of oil available and help bring down gas prices for American consumers. The Consumer Energy Supply Act (H.R. 6578) failed to pass the House today by a vote of 268 to 157. The bill was considered under a suspension of the rules, which requires a two-thirds majority for passage.
“In Washington state today, the average price of a gallon of gas is $4.28,” said Larsen. “Consumers need relief, and they need it now. I am disappointed that this legislation – which could bring quick relief for my constituents paying too much at the pump – failed to pass the House today.”
The Strategic Petroleum Reserve is an emergency store of petroleum kept by the U.S. Department of Energy to guard against any future disruptions in our oil supply. The Reserve is currently more than 97 percent full, the highest level ever. In May, the House voted to suspend new shipments of oil to the Reserve, a proposal later backed by the President and the U.S. Department of Energy.
Tapping the Strategic Petroleum Reserve in the past has led to dramatic drops in the price of oil. The most recent release of oil from the Reserve in 2005 led to a 9 percent drop in gas prices.
The legislation considered today would temporarily release oil from the Reserve and replace it later with heavier, cheaper crude oil – as the U.S. Department of Energy has previously recommended – to help bring down gas prices.
In addition to today’s bill, Congress has worked to get gas prices under control:
Took action to investigate price gouging and ensure that retailers aren’t artificially inflating the cost of gas
Directed the Federal Trade Commission to crack down on energy market manipulation that may be driving up prices by as much as $20 to $60 more per barrel
Suspended oil shipments to the Strategic Petroleum Reserve to increase the supply of oil available
Congress has taken action to reduce our dependence on foreign oil:
Passed a landmark energy bill that invests in alternative fuels and makes cars and trucks more fuel-efficient, saving consumers $22 billion at the pump in one year alone
Passed investments in renewable and alternative energy and reduced taxpayer subsidies for oil companies
Passed a Farm Bill that makes a historic investment in biofuels made from crops other than grain
Larsen has also voted to make oil companies to “use it or lost it” -- start drilling on the sixty-eight million acres of federal land they have already leased, or give up the leases so they are available for someone else to drill.
