WASHINGTON
– Senator Chuck Grassley today encouraged President George Bush to temporarily halt deposits of crude oil in the Strategic Petroleum Reserve.
“By stopping deposits in the Strategic Petroleum Reserve, we can make an immediate, positive impact on the price families are paying to fill their gas tanks,” Grassley said. “There’s no doubt the Reserve is important to our economic and national security, but with the large amount already in place, a temporary halt should help give Americans some breathing room.”
Here is a copy of the text of Grassley’s letter to Bush.
May 6, 2008
The Honorable George W. Bush
President of the United States
1600 Pennsylvania Avenue, NW
Washington DC, 20500
Dear President Bush:
I’m writing today to strongly encourage your administration to immediately halt the deposits of crude oil in our nation’s Strategic Petroleum Reserve. I recognize that the Strategic Petroleum Reserve is in place to protect our nation’s economy and our national security from supply disruptions. Through the efforts of your administration, the SPR currently holds over 700 million barrels of crude oil.
With crude oil at $120 a barrel and gasoline averaging over $3.50 a gallon, American’s are spending ever more of their family budgets on transportation costs. Hard-working American’s across the country are struggling to cope with the rising costs for energy. I hear daily from farmers, small businesses, truck drivers and families in Iowa who are desperately in need of help. They need relief. It makes little sense to purchase oil at $120 a barrel with taxpayer money that subsequently contributes to higher prices at the pump.
There are few actions that can be taken that will have a near term impact on the price of oil and gasoline. However, halting the deposits of crude oil in the SPR is a small but positive step that can increase the supply of crude oil in the market, and hopefully reduce the price at the pump.
I hope you’ll take quick action to immediately halt the deposits of crude oil into the Strategic Petroleum Reserve. Thank you for your consideration.
Sincerely,
Charles E. Grassley
United States Senator