President Obama announced this morning plans to sell 30 million barrels of oil from the Strategic Petroleum Reserve in an effort to boost oil supplies in the wake of turmoil in the Middle East, a move that br0ught high praise from New York’s two senators.
“I applaud President Obama’s decision to release oil from the SPR,” said Kirsten Gillibrand. “With our families already struggling in this difficult economy, the last thing we need is for gasoline prices to continue to skyrocket.”
And added Senator Charles Schumer, “The President has heeded our call to release oil from the strategic reserve. This can only help in combating the all-too-high price consumers face at the pump, and is a needed shot in the arm for our economy. We hope the President will continue to keep a watchful eye on the situation with oil prices, and if this dollop proves to be insufficient, will consider releasing more from the reserve.”
Both senators had been calling on Obama to tap into the SPR since the beginning of the year, once it became clear that the high price of gas was dragging down the economy.
The move however is likely to receive less praise from Republicans, who say that high gas prices show the need for more domestic oil production