[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 364 Introduced in Senate (IS)]







108th CONGRESS
  2d Session
S. RES. 364

       Expressing the sense of the Senate concerning oil markets.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 18, 2004

Mr. Schumer (for himself, Mr. Kennedy, Ms. Stabenow, Ms. Mikulski, Mr. 
Wyden, Mr. Durbin, Mr. Corzine, Mrs. Boxer, Mr. Levin, Mr. Lautenberg, 
  Mr. Leahy, Mr. Harkin, Mr. Dodd, Mrs. Feinstein, Mrs. Clinton, Mr. 
   Sarbanes, Mr. Reed, Mr. Daschle, Mrs. Murray, Mr. Lieberman, Mr. 
 Rockefeller, Mr. Akaka, Mr. Feingold, Mr. Reid, Mr. Johnson, and Mr. 
 Dayton) submitted the following resolution; which was referred to the 
               Committee on Energy and Natural Resources

_______________________________________________________________________

                               RESOLUTION


 
       Expressing the sense of the Senate concerning oil markets.

Whereas the prices of gasoline and crude oil have a direct and substantial 
        impact on the financial well-being of American families, the potential 
        for national economic recovery, and the economic security of the United 
        States;
Whereas on Friday, May 7, 2004, crude oil prices reached a 13-year high of $40 
        per barrel, the weighted national average retail price of gasoline was 
        $1.96 per gallon, and the average retail price of gasoline has broken 
        all-time record highs for 2 consecutive months;
Whereas despite the fact that crude oil prices were already approaching record 
        highs, the Organization of Petroleum Exporting Countries (OPEC) 
        announced on April 1, 2004, its commitment to reduce oil production by 
        1,000,000 barrels per day;
Whereas the Strategic Petroleum Reserve (SPR) was created to enhance the 
        physical and economic security of the United States, and the law allows 
        the SPR to be used to provide relief when oil and gasoline supply 
        shortages cause economic hardship;
Whereas the proper management of the resources of the SPR could provide gasoline 
        price relief to American families and provide the United States with a 
        tool to counterbalance OPEC supply management policies;
Whereas it has been reported that the Administration's current policy of filling 
        the SPR at a rate of hundreds of thousands of barrels per day, despite 
        the fact that the SPR is more than 94 percent full, has contributed to 
        record high gasoline contract prices on the New York Mercantile 
        Exchange;
Whereas in order to combat high gasoline prices during the summer and fall of 
        2000, President Clinton released 30,000,000 barrels of oil from the SPR, 
        stabilizing the retail price of gasoline;
 Whereas the Administration has failed to manage the SPR in a manner that would 
        provide gasoline price relief to working families; and
Whereas the Administration has failed to adequately demand that OPEC immediately 
        increase oil production in order to lower crude oil prices and safeguard 
        the world economy: Now, therefore, be it
    Resolved,

SECTION 1. SENSE OF THE SENATE CONCERNING OIL MARKETS.

    It is the sense of the Senate that--
            (1) the President should directly confront OPEC and 
        challenge OPEC to immediately increase oil production;
            (2) the President should direct the Federal Trade 
        Commission and Attorney General to exercise vigorous oversight 
        over the oil markets to protect the American people from price 
        gouging and unfair practices at the gasoline pump; and
            (3) to lower the burden of gasoline prices on the American 
        economy and to circumvent OPEC's efforts to reap windfall crude 
        oil profits, the President should suspend deliveries of oil to 
        the SPR and release 1,000,000 barrels of oil per day from the 
        SPR for 30 days following the date of adoption of this 
        resolution, and if necessary, for an additional 30 days beyond 
        that.
                                 <all>