Processing Magazine

Lawmakers urge Obama to open up strategic petroleum reserve

February 23, 2012

WASHINGTON — Three democratic lawmakers are urging President Obama to open up the nation’s strategic petroleum reserve to combat skyrocketing fuel prices, Reuters reported.

In a letter to Obama, congressmen Edward Markey, the top Democrat on the House Natural Resources Committee, Peter Welch and congresswoman Rosa DeLauro said the president could prevent a "runaway increase" in gasoline prices by showing he would not hesitate to release oil from the U.S. strategic petroleum reserve, which holds about 696 million barrels of oil.

"It is essential that the United States have an aggressive strategy for releasing oil from the strategic petroleum reserve to combat the speculators capitalizing on the fear in oil markets," the lawmakers wrote.