[Congressional Record Volume 154, Number 79 (Wednesday, May 14, 2008)]
[Extensions of Remarks]
[Page E920]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




STRATEGIC PETROLEUM RESERVE FILL SUSPENSION AND CONSUMER PROTECTION ACT 
                                OF 2008

                                 ______
                                 

                               speech of

                         HON. TIMOTHY H. BISHOP

                              of new york

                    in the house of representatives

                         Tuesday, May 13, 2008

  Mr. BISHOP of New York. Mr. Speaker, I rise in support of H.R. 6022, 
at a time when oil prices are reaching record highs, suspending the 
Federal Government's oil purchases is a win for consumers and for the 
Federal budget.
  Regular gas now costs over $3.73 a gallon, compared to only $1.47 in 
2001 before the President began implementing his disastrous policies. 
Families and businesses on eastern Long Island and across the country 
are calling on Congress to take action to lower these soaring gas 
prices and reduce our Nation's unsustainable addiction to oil.
  In response, I am pleased to cosponsor this bill, which takes a good, 
first step. Economists and government agencies agree that suspending 
the filling of the Strategic Petroleum Reserve would directly impact 
gas prices this summer by making more oil available. In contrast, it 
would take at least a decade for consumers to benefit from Republican 
plans to hand over America's wilderness areas to big oil.
  Moreover, it is not fiscally prudent for the Federal Government to 
continue to pay such high premiums to stockpile oil when we currently 
have sufficient reserves.
  In the 108th and 109th Congresses, as Bush administration policies 
drove the price of gas to record highs, I introduced similar 
legislation to halt the filling of the Petroleum Reserve.
  Today the need for such action is even greater, Mr. Speaker. 
Therefore I call on my colleagues to join me in support of H.R. 6022.

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