CEASING TO FILL STRATEGIC PETROLEUM RESERVE WON'T LOWER GASOLINE PRICES, DOMENICI SAYS

March 30, 2004
12:00 AM
Washington, D.C. – Ceasing to fill the Strategic Petroleum Reserve (SPR) won’t impact gasoline prices by so much as a dime, Senate Energy & Natural Resources Chairman Pete V. Domenici said today in response to renewed calls by Democrats, including presumptive presidential nominee John Kerry, to tap into SPR. Chairman Domenici’s statement: “In 2000, Bill Clinton tried to drop gasoline prices by ordering the sale of 30 million barrels of oil from SPR. When that oil hit the market, gasoline prices dropped by a total of penny. “On a brisk month, we add less than 4 million barrels to SPR. If selling off 30 million barrels didn’t affect price, ceasing to add oil to SPR certainly won’t. “Senator Kerry has consistently opposed serious proposals to increase domestic oil production. President Bush proposed a national energy policy and the House has passed it three times since 2002. Democrats have blocked passage here in the Senate. “The Democrats’ record on energy is so disappointing that I’m surprised Senator Kerry is raising this issue. President Bush, the House and Senate Republicans have pushed for three years to address our energy challenges. Where are the Democrats? “I said this last week. I’ll say it again: Blaming the president for gasoline prices is nothing but transparent election year politics. The harsh truth is that this country has, for decades, pursued policies that have systematically increased our dependence on foreign oil. When Republicans have tried to address the problem, they have faced widespread opposition from Democrats.”