[Congressional Record Volume 154, Number 128 (Wednesday, July 30, 2008)]
[House]
[Page H7333]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      STRATEGIC PETROLEUM RESERVE

  (Mr. OLVER asked and was given permission to address the House for 1 
minute.)
  Mr. OLVER. Madam Speaker, high gas prices are taking a huge toll. 
Republicans claim they want to reduce gas prices, but for a month they 
have voted against every bill that would do so.
  Last week, Republicans blocked a bill to release 70 million barrels 
from the Strategic Petroleum Reserve. Much smaller releases by the last 
three Presidents have produced nearly immediate reductions in crude oil 
prices of up to one-third. That would translate to savings as high as 
$1 per gallon of gas. The Republican plan to lease more public land 
without requiring Big Oil to actually drill and produce oil gives 
exactly zero savings now.
  Today, they will have a chance to vote against the speculation in oil 
futures. Experts have testified that rampant speculation accounts for 
roughly $30 of the price of a barrel of oil, or 70 cents per gallon of 
gas. Isn't it time Republicans voted for 70 cent savings on gas prices 
by stopping speculation and $1 savings by opening the Strategic 
Petroleum Reserve now?

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