Speaker of the House John Boehner is criticising President Barack Obama’s plan to release 30 million barrels of oil from the Strategic Petroleum Reserve.Boehner said in a statement that Obama’s decision “threatens our ability to respond to a genuine national security crisis and means we must ultimately find the resources to replenish the reserve – at significant cost to taxpayers.”
“The President is using a national security instrument to address his domestic political problems,” he said.
Obama ordered the oil released onto the world market due to high prices resulting from the ongoing unrest in the Middle East. The release constitutes less than five per cent of the stockpile’s 726.5 million barrels of oil.
Boehner instead called on Obama to increase supply by allowing more oil drilling in the United States.
Boehner’s full statement is below:
WASHINGTON, DC – House Speaker John Boehner (R-OH) released the following statement today after the Obama Administration announced that it would release 30 million barrels of oil from the Strategic Petroleum Reserve (SPR).
“Everyone wants to help the American people and lower prices the pump – especially now, in tough economic times. And it is good that the Obama Administration is conceding that increased supply will lower those costs. But by tapping the Strategic Petroleum Reserve, the President is using a national security instrument to address his domestic political problems. The SPR was created to mitigate sudden supply disruptions. This action threatens our ability to respond to a genuine national security crisis and means we must ultimately find the resources to replenish the reserve – at significant cost to taxpayers.
“There is a better way: we need a sensible energy policy to increase the supply of American energy, which will lower costs and create millions of American jobs. According to the Congressional Research Service, the U.S. has 163 billion barrels of recoverable oil. Unfortunately, this administration has consistently blocked the production of American-made energy and opposed legislative efforts in the House to increase supply. House Republicans will continue to advance the American Energy Initiative and work to lower gas prices and create jobs by responsibly increasing the production of energy here at home.”
Business Insider Emails & Alerts
Site highlights each day to your inbox.