[Congressional Record Volume 154, Number 79 (Wednesday, May 14, 2008)]
[Extensions of Remarks]
[Page E914]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




STRATEGIC PETROLEUM RESERVE FILL SUSPENSION AND CONSUMER PROTECTION ACT

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                               speech of

                         HON. MICHAEL N. CASTLE

                              of delaware

                    in the house of representatives

                         Tuesday, May 13, 2008

  Mr. CASTLE. Mr. Speaker, I rise today in support of the Strategic 
Petroleum Reserve Fill Suspension and Consumer Protection Act, H.R. 
6022, which suspends the acquisition of oil for the Strategic Petroleum 
Reserve for the rest of this year, unless the average price of oil over 
a 90-day period drops below $75 a barrel. Earlier the Senate adopted an 
identical amendment, by a vote of 97-1.
  As Memorial Day approaches and the summer driving season begins, 
there is little relief in sight for Americans from high prices at the 
pump, as gasoline prices quickly climb close to $4 a gallon and diesel 
fuel prices reach over $4 a gallon. Suspending acquisitions to the SPR, 
presently at 96 percent capacity, will free up 70,000 barrels of oil 
per day for supply and could reduce gasoline prices by 2-5 cents per 
gallon. Last month I was pleased to join Republican colleagues in 
calling on House leadership to temporarily suspend acquisitions to the 
SPR, and while such action will only free up a fraction of world oil 
supplies, I am pleased to lend my support to this first step in easing 
the financial pinch for families and truck drivers across the country.
  The laws of supply and demand are real and high gas prices are one 
aspect of the bigger picture, and the fact remains that oil dependence 
affects our economy, security, and environment. In my view technology 
will take us to the next level in clean and alternative transportation 
fuels, and this requires robust investments now. Congress should 
address the cost-crunch today and act to ensure we have a 
comprehensive, clean, and secure energy policy for tomorrow.
  In addition to the temporary suspension of acquisitions to the SPR, I 
believe we should also consider increasing refining capacity in the 
United States, without compromising environmental permitting, as well 
as ask transparency from oil producing countries to help verify 
available oil reserves and production capacity. Individual consumers 
too can take action by driving 55 miles per hour or less and proper 
tire inflation, which will slow gas consumption and save money. Looking 
forward, long-term extensions for renewable energy and energy 
efficiency tax credits are paramount; I have repeatedly supported 
efforts in the House to extend these important incentives and believe 
solutions to the present logjam over oil and gas subsidies are long 
overdue. I recently joined colleagues in the House as a supporter of 
the Clean Energy Tax Stimulus Act of 2008, which would provide for the 
limited continuation of clean energy production incentives and 
incentives to improve energy efficiency that would otherwise lapse 
under current tax law legislation.
  There will be ongoing discussions about energy policies in Congress, 
and proposals will range from domestic drilling to lowering demand. As 
demand for world oil continues to climb, supply concerns are real. I 
support looking for alternatives before drilling in some of our most 
sensitive coastal areas, however Congress did open an additional 8.3 
million acres in the eastern Gulf of Mexico, ``Lease 181,'' to new oil 
and gas leases in December 2006, and I read with interest the oil 
discovery in the deep waters of the Gulf of Mexico that was just 
announced by Chevron.
  Last year, Congress worked in a bipartisan manner to reduce our 
demand for oil by increasing the fuel economy standards for cars and 
trucks. It is my great hope that members on both sides of the aisle 
will continue to work on policies to reduce consumption, encourage 
innovative technology development, and promote energy self-sufficiency. 
I am pleased to support this temporary suspension to the SPR and hope 
it begins a meaningful dialogue about energy policy in this country, 
which is so important not only for national security but also for 
tackling global warming.

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