Pallone Urges President Bush to Release Oil from the Strategic Petroleum Reserve

Washington, D.C. --- U.S. Rep. Frank Pallone, Jr. (D-NJ), a senior member of the House Energy and Commerce Committee, today urged President Bush to begin releasing oil from the Strategic Petroleum Reserve in order to help reduce record gas prices at the pump.

"If President Bush wants to provide Americans immediate relief at the pump, he should begin releasing oil from the Strategic Petroleum Reserve. The Reserve is currently at its highest level ever, and is intended to be tapped during emergencies. Most New Jersey families would characterize the current record high prices as an emergency to both their financial well-being and the stability of our economy.

"In May, Congress pressured President Bush to stop sending oil to the Strategic Petroleum Reserve on June 30th. Over the last week, the average price for a barrel of oil has fallen by $10.

"For seven years, President Bush and Washington Republicans have allowed Big Oil to write their energy policy. The result---record profits for Big Oil and record prices at the pump for the American consumer. It's time President Bush stands up for consumers and taps into the Strategic Petroleum Reserve."