Texas Insider Report: AUSTIN Texas President Obamas decision to release 60 million barrels of oil from Americas stockpiles including 30 million barrels from the Strategic Petroleum Reserve (SPR) is blatant political pandering political grandstanding at its worst and further proof that his administration has no plan for American energy security.
Even worse this is a total disregard of the intent of the law that established the SPR for emergency purposes.
Railroad Commission Chairman Elizabeth Ames Jones
The President should release the strategic reserve of American innovation & ingenuity to lower energy prices and get us off OPEC oil once and for all. We import over nine million barrels a day six million of those barrels from OPEC countries. This release of crude oil buys us about a week or less of imports and yet the replacement costs when we buy oil to put back into the SPR will likely exceed the downward adjustment of prices at the pump said Jones. To get summer driving season fuel costs down and to grow American jobs the President should consider unleashing the strategic reserve of know-how and entrepreneurship by recalling onerous and unnecessary regulatory schemes
that undermine and drive up costs for domestic oil & gas producers ... and ultimately consumers Jones said.
Producing more of our domestic natural gas and crude oil will be the long-term fix that will outweigh the short-term gains made by drawing down the Strategic Petroleum Reserve.
President Obamas decision to allow the release of 60 million barrels of crude oil from American stockpiles with half of that from the Strategic Petroleum Reserve (SPR) is another example of the ineptitude of this administrations energy policy said Jones.
