Populist Caucus Applauds President Obama’s Decision to Open Strategic Petroleum Reserve Print
News Releases - Business & Economy
Written by Alexandra Krasov   
Friday, 24 June 2011 12:22
Washington, D.C. – Today, the leadership of the Populist Caucus applauded President Obama’s decision to open the Strategic Petroleum Reserve. The president’s decision comes almost a month after the Populist Caucus called on him to open the Reserve and bring relief to millions of Americans who are faced with sky-rocketing gas prices. 

Congressman Bruce Braley (IA-01), Chair of the Populist Caucus, said:

"As the Populist Caucus made clear last month, opening the Strategic Petroleum Reserve is a huge step towards bringing down gas prices and providing relief to millions of hard-working families that are struggling to make ends meet. I’m glad the President took this action. But we all know this is a temporary solution and more must be done to stop greedy oil speculators from driving up prices throughout the summer. That’s why the Populist Caucus will continue to work to implement its "Gas Is Too Damn High" platform to bring down gas prices for middle class families and all Americans."

Congressman Peter DeFazio (OR-04), Vice Chair of the Populist Caucus, said:

"This is good news for American consumers and bad news for speculators on Wall Street. Over 70 cents per gallon of gas is a direct result of excessive Wall Street speculation. The release of this oil undermines speculative trading and brings some relief to middle class families at the pump. This is a good first step, but more must be done to stabilize prices and rein in speculators gaming the system."

Congresswoman Donna Edwards (MD-04), ViceChair of the Populist Caucus, said:

"I applaud President Obama’s decision to open the Strategic Petroleum Reserve and relieve some of the financial burden caused by high gas prices. This is the first of three steps outlined by the Populist Caucus. Now, we must focus on ending greedy oil speculation and tax breaks for big oil companies. American families deserve to pay a fair price at the pump, and the Populist Caucus will continue to urge our Congressional colleagues and the President to join us in meeting this goal."

Congresswoman Rosa DeLauro (CT-03), Vice Chair of the Populist Caucus, said:

"I am very pleased with the President’s decision to release some of oil held in our Strategic Petroleum Reserve (SPR). This move will help calm the markets by making it clear that we do not have a supply problem—and will help to curb the undue speculation that has been driving the price of oil higher and higher. With the Republican budget cuts to the Commodity FuturesTrading Commission (CFTC), which could regulate unfair speculation if fully funded, the President’s action is critical. Releasing oil from the SPR will help to protect American consumers at the pump, and I will continue to work with mycolleagues and the President to lower the cost of gas."

Congresswoman Betty Sutton (OH-13), Vice Chair of the Populist Caucus, said:

"No family should have to choose between filling up their tank or putting food on the table. I applaud President Obama for taking this bold action that will ease the burden facing Ohio families and help Ohio businesses put people back to work.

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