Graves Calls Attempt to Sell Off the Strategic Petroleum Reserve “Idiotic”
Washington, DC – Congressman Garret Graves (R –South Louisiana) released the following statement today as a U.S. budget deal heads toward quick action in Congress:
“While some of the provisions in this proposal are positive, like entitlement reform and a reduction in domestic spending, I’ve got strong concerns about the process of putting this deal together and the proposed mechanisms to pay for it, especially related to energy policy.
This increasing trend of attempting to sell America’s oil in the Strategic Petroleum Reserve (SPR) absent an updated energy security strategy is idiotic. This was done on the 21st Century Cures Act, highway bill and now proposed as part of the two-year budget deal with the White House. OPEC’s efforts to flood global oil markets have contributed to an America that is bleeding energy jobs as depressed energy prices are forcing companies to slow production. Now we are going to compound the problem by dumping 58,000,000 barrels of SPR oil into flooded markets?
Finally, only an entity as stupid as the federal government would buy oil at $75 a barrel, sell it at $45 then cook the books like you sold it at $90.
If anything, we should be purchasing oil right now while prices are low. We are in fundamentally different times today and our SPR and national energy security policies need a full update. We need to determine the right target for our national energy reserves and need to update the strategy based upon conditions today – including the role alternative energy sources can play in improving our energy security and resilience.
We are actively reviewing the bill on its merits, but the American people are tired of gimmicks and have been crystal clear about our need to get our budget in order.”