Pelosi Suggests Drawing from Petroleum Reserve

By Pamela Mortimer

It’s no news that rising gas prices are causing a great deal of suffering across the United States or that there seems to be no end in sight. On Tuesday, House Speaker Nancy Pelosi proposed a plan to "draw down" a portion of the U.S. Strategic Petroleum Reserve with the hope of reducing crude oil prices and in turn, give motorists a much needed break at the gas pumps.

Americans have been struggling to keep up with gas prices for quite some time and a common reaction at the pumps is often disbelief. It only seems to be getting worse as the average gas price across the country is currently $4 a gallon. Pelosi’s proposal to tap into the petroleum reserve makes perfect sense considering the fact that the reserve currently contains 702 million barrels.

"The severe energy price crisis facing millions of Americans compels strong presidential action to assist consumers and strengthen the economy," wrote Pelosi in a letter addressed to President Bush.

Pelosi backed up her proposal by referring to "historical examples of such moves in times of uncertainty." Among these examples were Bush Sr.'s decision to tap into the reserve just before the first Gulf war, President Clinton’s attempt to stave off the home-heating oil crisis in 2000, and the necessity of drawing a portion of the reserve after Hurricane Katrina in 2005.

The House Republicans were quick to point out that Pelosi's proposal of supporting a supply increase is an issue wholly supported by Republicans but vehemently opposed by Democrats. The diversion of the parties on the issue was made clear last month, when President Bush requested that Congress repeal the decades old ban on new offshore drilling efforts in an attempt to address the ongoing fuel crisis.

House Minority Leader John Boehner agrees that "more supply is necessary," which is why Republicans "have been arguing for decades in favor of more American energy production."

Although Pelosi's proposal supports the Republican side of the issue, Boehner claims it "doesn't go far enough."

"Republicans stand ready to work across the aisle on a real solution to our energy crisis: an all-of-the-above plan that increases production of American energy, encourages conservation and promotes alternative fuels," he said in a written statement.