Braley Calls on Obama to Open Strategic Petroleum Reserve PDF Print E-mail
News Releases - Business, Economy & Finance
Written by Jeff Giertz   
Wednesday, 07 March 2012 08:44

Gas prices have increased for 22 consecutive days; some analysts forecast $5 by summer


Washington, DC – Rep. Bruce Braley (IA-01) today called on President Barack Obama to open the Strategic Petroleum Reserve to help reduce spiking gasoline prices.


Gas prices have increased for 22 consecutive days nationally, and according to AAA, the average price for a gallon of gas in Iowa today is $3.53.  The average price has spiked 20 cents in the past two weeks alone.  Some analysts have projected that gas prices could reach $5 per gallon in some parts of the country by summertime.


“Rising gas prices stretch Iowans’ pocketbooks and threaten our fragile economic recovery,” Braley said.  “We should nip this problem in the bud right now.


“Rather than waiting for politicians in Congress to bicker endlessly and take no action, I’m calling on President Obama to take decisive action now and release oil from the Strategic Petroleum Reserve.  Each time it’s been opened in the past, its lowered gas prices – up to 33 percent in some cases.”


Federal Reserve Chairman Ben Bernanke said in testimony before a Congressional panel earlier today that spiking gas prices are a temporary threat to the economic recovery.


Gas prices are increasing because of speculation and Iran saber-rattling, not increased demand.  In fact, gasoline demand is at its lowest level in the US since 1997.


Obama released 30 million barrels of oil from the Strategic Petroleum Reserve last year in response to disruptions in oil supplies caused by conflict in Libya.


Audio of Braley discussing his call for Obama to open the Strategic Petroleum Reserve during his weekly press conference call can be downloaded at the following link:


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