[Congressional Record Volume 153, Number 83 (Monday, May 21, 2007)]
[Senate]
[Page S6402]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. COCHRAN:
  S. 1435. A bill to amend the Energy Policy and Conservation Act to 
increase the capacity of the Strategic Petroleum Reserve, and for other 
purposes; to the Committee on Energy and Natural Resources.
  Mr. COCHRAN. Mr. President, in 1975, the Strategic Petroleum Reserve 
was established, after the Arab oil embargo, to lessen the impact of 
future severe energy supply disruptions. Since 1975, the Strategic 
Petroleum Reserve, SPR, has served as our Nation's energy insurance 
policy.
  The legislation I offer today expands the capacity of the SPR from 1 
billion barrels, as authorized in the Energy Policy and Conservation 
Act, to 1.5 billion barrels.
  Memorial day marks the beginning of the summer vacation season, and 
this summer all of our constituents are facing escalating gasoline 
prices. Expanding our domestic supplies of oil, gas, and petroleum has 
become crucial.
  Increasingly, internationally traded oil originates from unstable 
regions of the world. The United States' economic security is 
threatened by vulnerability to disruptions in world oil supply and 
volatile oil prices. The Nation's transportation sector, major 
industries, and military are dependent upon petroleum, and so it is 
crucial that we do what we can to minimize disruptions in the world oil 
supply.
  The existing inventory in the SPR represents only 56 days of net 
imports. The United States' obligation to the member countries of the 
International Energy Agency requires it to maintain the equivalent of 
90 days of net petroleum imports. Though the inclusion of private 
inventories allows the U.S. to satisfy the IEA obligation, increasing 
the authorized capacity of the SPR to 1.5 billion barrels will help 
ensure the United States meets its international obligations, 
regardless of commercial inventory trends.
  In December of 2006, the Department of Energy chose the salt domes in 
Richton, Mississippi as their preferred site for the construction of a 
new Strategic Petroleum Reserve facility to lead the expansion efforts. 
I am proud that Mississippi was chosen to lead the efforts of such an 
important program, and I know that the community of Richton, which 
suffered in the wake of Hurricane Katrina, is thrilled to begin 
construction on a project that will strengthen its economic 
development. Current SPR sites in Texas and Louisiana will also gain 
reserves.
  I urge the Senate to support this bill. The entire country's energy 
security and stability depends on a combination of efforts to increase 
domestic supplies of oil, gas, and petroleum. I am pleased that my 
colleagues in the Senate are promoting new renewable energy 
technologies through legislation, and it is through a combination of 
these efforts that we might finally reduce our dependence upon foreign 
oil.
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