(July 24, 2008)—Rep. John Carter, R-Round Rock, and Rep. Chet Edwards, D-Waco, ended up on opposite sides of a measure Thursday that would have released 70 million barrels of oil from the government’s emergency reserve.
Democrats hoped the extra oil would have helped lower pump prices right away.
Their bill would have forced the Energy Department to release the oil from the Strategic Petroleum Reserve, which now holds 700 million barrels of oil in reserve.
The 70 million barrels is about a three-day supply for the United States.
Democrats said it would have meant immediate relief at the pump just as releases did in 1991, 2000 and 2005.
The bill won a clear 268-157 majority Thursday, but it still lost because Democratic leaders brought up the bill under terms requiring a two-thirds vote to pass.
Carter voted against the measure, calling the release “merely a tiny dent in the problem.”
“The good news is my colleagues on the other side of the aisle finally realize that this is a supply problem. 70 million barrels may help the pain at the pump for a few days, but exploring for the billions of barrels of energy in ANWR, Outer Continental Shelf, and the Western United States will provide this country with the energy it needs for the long-haul,” Carter said.
Edwards, however, voted for the measure, saying, “now is the appropriate time to use the Strategic Petroleum Reserve to bring down oil prices.”
“By releasing oil from the SPR, we can also reduce the massive speculative profits being made in oil futures markets that could have an almost immediate impact in reducing gasoline prices at the pump. The speculators might not like it, but lower energy and gasoline costs would provide much-needed relief to hard hit families and businesses,” Edwards said.
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