Pelosi Statement on Bush Administration Halting New Shipments to the Strategic Petroleum Reserve

May 16, 2008

Washington, D.C. - Speaker Nancy Pelosi today released the following statement following news that the Energy Department will not sign additional contracts for the receipt and shipment of oil to the Strategic Petroleum Reserve in response to Congressional passage of the Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act. The bill, which passed both the House and Senate by veto-proof margins, temporarily suspends the filling of the Strategic Petroleum Reserve through the end of the year, as long as the price of crude oil remains above $75 per barrel.

"Next week, the New Direction Congress will send our legislation to the President to suspend deliveries to the Strategic Petroleum Reserve until the end of the year. As the President returns from the Middle East, I urge him to sign this legislation that he has previously opposed, which has now passed the House and Senate by veto-proof margins.

"In response to bipartisan action by the New Direction Congress, the Bush Administration has announced it will not enter into new contracts for receipt and shipment of oil to the Strategic Petroleum Reserve when the current contract expires in July.

"In the past, when the SPR has been tapped or deliveries have been suspended, consumers saw real savings. As the price of oil per barrel has reached more than $127, this is a critical first step for America's families, businesses and our economy. It makes no sense to buy oil and put it in the ground when prices are at record highs. The President should sign our legislation to codify this commonsense approach."