WASHINGTON - The International Energy Agency (IEA) today called on nations, including the United States, to “consider using all tools that are at the disposal of IEA member countries," to avoid negative global economic impacts of rising prices. This action by the world’s energy agency led Rep. Ed Markey (D-Mass.) to renew his call for the Obama administration to prepare to use the fully-stocked Strategic Petroleum Reserve in order to bring gas prices down, an action which could head off more damage to American families' budgets and the U.S. economy.
“World oil prices remain higher than they should be right now due to actions by OPEC to keep supplies tight coupled with excessive levels of speculation in oil futures markets," said Markey.
Rep. Markey added, “When the Iranian president states his intention to start attending OPEC meetings, it is a wake-up call to the world that OPEC is digging in to hold supplies off the market to keep prices high. We need to demonstrate to the world that we stand ready, willing and able to release oil from our nation’s Strategic Petroleum Reserve to help keep our consumers and our economy safe from predatory manipulation of oil supplies. Today’s statement by the International Energy Agency only reinforces my conviction that early action is needed to make oil from the oil reserve available."
Rep. Markey has introduced legislation (H.R. 1017) that would direct the Department of Energy to release 30 million barrels of oil from the SPR, and then replace it with refined product like gasoline or diesel fuel when prices are low. The Mississippi River floods have raised concerns on refineries and deliveries of refined product, highlighting the need to modernize the SPR.
