Senator Had Previously Called for Release to Help Consumers and Protect the Economic Recovery
Washington, D.C. – U.S. Senator Barbara Boxer (D-CA) praised the announcement today by Energy Secretary Stephen Chu that the United States will release 30 million barrels of oil from the Strategic Petroleum Reserve (SPR) in conjunction with the release of another 30 million barrels from member states of the International Energy Agency. Oil reserves will be offered on the world market over the next 30 days in an effort to address supply disruptions and high gas prices, which have hurt the economic recovery.
Senator Boxer said, “This decision will provide relief for consumers who are struggling with high prices at the pump. With the Strategic Petroleum Reserve at record levels and oil prices soaring because of unrest in the Middle East, it’s appropriate to take this step to protect our fragile economic recovery.”
Releasing reserves from SPR, which is currently at a historically high level of 727 million barrels, will help offset the disruptions in the oil supply caused by turmoil in the Middle East that have contributed to high oil prices.
In March, Senator Boxer joined with other Senators to call on President Obama to release oil from the SPR to address high gas prices and spur economic growth. The Senators’ letter is available http://boxer.senate.gov/en/press/releases/030411b.cfm.