Abigail Spanberger is pressing the Biden administration to use the Strategic Petroleum Reserve to stave off increases at the gas pump.
AAA today reported that its analysts are forecasting gas prices surpassing the $4/gallon mark by St. Patrick’s Day, with global markets roiled by the uncertainty resulting from Russian dictator Vladimir Putin’s invasion of Ukraine.
The Strategic Petroleum Reserve is the nation’s emergency stockpile of petroleum — the world’s largest emergency supply of crude oil.
Spanberger is urging President Biden to release additional barrels from the SPR to deliver relief to consumers, while also mitigating the impacts of U.S.-imposed sanctions at home.
“The destabilizing actions of President Putin, manipulation of international oil supply by foreign governments and cartels, and supply chain shocks caused by the COVID-19 pandemic have directly contributed to dramatic increases in the cost of crude oil and gasoline over the last year,” Spanberger said. “Following the illegal invasion of Ukraine by Russia, crude oil prices surged to nearly $100 a barrel, the highest price for crude oil in seven years. This price increase has not only created uncertainty in global financial markets but is already directly impacting U.S. consumers at the gas pump.
“Additional cost increases at the pump would be stressful for the families, senior citizens, and business owners I represent. As such, I respectfully urge you to release additional crude oil from the Strategic Petroleum Reserve. In this moment of crisis, we must demonstrate to President Putin the strength of our resolve to continue these sanctions in response to his invasion of Ukraine, while also mitigating the effects on Americans.”
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Chris Graham
