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Press Release
Media Contact:
Jake Rubin 202.225.5665 |
KAGEN JOINS COLLEAGUES IN URGING THE PRESIDENT TO LOWER GAS PRICES
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March 21, 2008
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Washington, DC -- Congressman Steve Kagen, M.D. has called on the President to take steps to alleviate the escalating price of gas. Kagen joined thirty-one members of Congress in a letter to the President that asks him to divert fuel from the nation’s Strategic Petroleum Reserve (SPR) and make it available to consumers. The SPR is 95% full.
“The quickest economic stimulus would be to cut prices at the gas pump,” said Kagen. “We are confronting a difficult time in our economy. I am working hard to make it a little bit easier to fill-up your tank.”
The letter calls on President Bush to direct the U.S. Department of Energy to temporarily suspend purchases of oil for the Strategic Petroleum Reserve to save consumers money at the pump, give small business desperately needed relief, and help state and local government provide energy related services.
According to independent industry analysts, including Goldman Sachs, this action would allow more oil to remain on the market, and thus drive down gas prices for consumers by as much as $.25 a gallon. This action would provide the American economy a critical short-term stimulus, without requiring Congressional approval.
“People are understandably angry about the escalating price at the pump. It is putting a strain on all of us. Diverting fuel from Strategic Petroleum Reserve will provide some assistance and we need to do what we can to help people now,” said Kagen.
Currently the SPR has 695 million gallons in reserve, approximately the same level it was in August of 2005 when the current Administration successfully used a temporary suspension to relieve supply and price crunches following Hurricanes Katrina and Rita. The situation is even more dire today for consumers, as gas prices have skyrocketed more than 70 cents per gallon in the last year alone.
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