Energy and Commerce Committee Chairman Frank Pallone, Jr. (D-NJ) issued the following statement today praising President Biden’s announcement that he will release 15 million barrels of oil from the Strategic Petroleum Reserve (SPR) to provide relief to Americans facing high gas prices as a result of the latest manipulation of the global oil market by OPEC+:
“Thanks to President Biden, gas prices began to fall over the summer, but now we are once again witnessing how easily the global oil market is manipulated – this time by OPEC+. Nothing is compelling OPEC+ to cut production – they are doing so in an effort to weaponize oil prices in service of Russia and its illegal war on Ukraine. By deliberately squeezing the global oil market dry of supply, they are raising our gas prices for their profit. I commend President Biden for taking decisive action to provide relief to the American people. Families cannot afford to bear the burden of these unpredictable price spikes.
“I’m also pleased to see the President announce a number of new policies to combat these sudden price fluctuations, including several that align with my Buy Low and Sell High Act. By empowering the government to buy back oil when prices hit $72 per barrel or lower, the President is using common sense strategies to stabilize the market and shore up our own reserves. Americans are tired of paying the price for our dependence on an unpredictable global oil market, so it’s time we start implementing innovative new ideas. That’s why I introduced the Buy Low and Sell High Act, and why I’ll keep fighting to bring costs down for all Americans.”
Pallone introduced the Buy Low and Sell High Act last month, legislation that would create a new Economic Petroleum Reserve specifically designed to combat the kind of price manipulations being undertaken by OPEC+. The bill would reduce and stabilize gasoline prices, insulate Americans from foreign adversaries’ price manipulations, and make money for taxpayers by buying oil when prices are low and selling oil when prices are high. It also uses the proceeds from these sales to build out our nation’s EV infrastructure and help us transition off of volatile fossil fuels. Finally, the legislation reverses Republican-enacted policies that have allowed SPR oil to flow to China and other adversaries.
Original source can be found here.
