Markey: Administration Follows Markey Legislation to Release 30 Million Barrels from Strategic Petroleum Reserve

WASHINGTON (June 23, 2011) - After months of calls by Rep. Ed Markey (D-Mass.) to follow his legislation and release at least 30 million barrels of oil from the Strategic Petroleum Reserve to respond to supply disruptions from Middle East strife and increased prices on American consumers, the Obama administration today announced that they would do just that. The action from the Department of Energy would also include an additional release of 30 million barrels from international partners such as France, Germany, the United Kingdom, Japan and South Korea.

Rep. Markey has introduced legislation, the Enhanced SPR Act, (H.R. 1017), that would direct the Department of Energy to release at least 30 million barrels of oil from the SPR. That legislation would also direct DOE to subsequently replace the crude oil with refined product like gasoline or diesel fuel when prices are low to enhance the security and flexibility of the SPR.

"With our economy teetering on the brink of a double-dip recession, and American families still struggling during peak driving season, this is the one tool America has at her disposal to immediately help drive down prices at the pump,"said Rep. Markey, the Ranking Member of the Natural Resources Committee. "Deploying just a small fraction of our nation's oil reserves will have a huge effect on the everyday lives of American families and potentially on the health of our economy."