Gas Prices & The Strategic Petroleum Reserve

On Tuesday, the Washington Times ran a great editorial, Obama’s Gas Stunt Comes Up Empty.  It’s about President Obama’s controversial decision to release 30 million barrels of oil from the Strategic Petroleum Reserve (SPR).  Like most of my House colleagues, I opposed this decision because the SPR was set up specifically for national security purposes – only to be used in a severe national emergency – not to artificially (and temporarily) lower energy prices. 

So what were the results of President Obama’s decision? 

The Times notes, “Prior to the June 23 dip into the reserves, oil stood at around $93 a barrel. The price dropped more than $4 a barrel after the announcement but bounced back up to the same level within five days and ended last week above $97…Such moves have no lasting impact because oil traders are looking at the big picture. There isn’t enough supply to meet the world’s demand…The real solution is to increase production to boost supply.”

I agree.  We don’t need to tap into the SPR to lower energy prices.  We just need to reduce the Big Government barriers that are preventing the private sector from using our domestic energy sources – oil, natural gas, hydro, nuclear, solar, wind, biofuels.  The list is endless.  And there’s no end to the power of American ingenuity.

Click here to read the Times’ editorial.

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