Pelosi Statement on Obama Administration’s Decision to Release Oil from the Strategic Petroleum Reserve

Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement today after the Obama Administration announced that the U.S. and its partners in the International Energy Agency would release a total of 60 million barrels of oil onto the world market to offset supply disruptions caused by unrest in the Middle East.  Contributing to this effort, the U.S. will release 30 million barrels of oil from the Strategic Petroleum Reserve:

“Today, America’s families face near-record prices at the pump while Big Oil rakes in near-record profits.  With speculators and special interests standing in the way of lower gas prices, with Republican leaders supporting continued giveaways to the oil industry and letting speculators off the hook, and with Middle East unrest disrupting the supply of oil worldwide, we must do everything in our power to ease the burden on American consumers.

“The Obama Administration is fulfilling this charge by releasing oil from our national stockpile to bring relief to our middle class, responding to calls by House Democrats, led by Congressmen Bishop and Markey.  We are already seeing the results in falling oil prices.

“This action echoes Democratic legislation in our Clean Energy Jobs Now agenda – the Taxpayer and Gas Price Relief Act – that calls for a release from the SPR during periods of high gas prices, along with an end to tax breaks for Big Oil.  We are sending a clear message to speculators: we stand with American consumers and businesses; we will keep working to alleviate their economic struggles; and we will place our families’ interests ahead of Big Oil’s bottom line.”