by Matthew Hay Brown
The Senate voted overwhelmingly today to suspend shipments to the Strategic Petroleum Reserve, and the House is expected to follow suit momentarily. House Republican leaders say the move, intended to reduce prices at the pump by easing demand on the global market, should be only the beginning.
In a letter today, Minority Leader John A. Boehner and Minority Whip Roy Blunt call on Speaker Nancy Pelosi to couple the suspension with drilling in the Arctic National Wildlife Refuge, the development of offshore oil resources, and/or the removal of restrictions on commercial oil shale leases on federal land.
"Over the long term the introduction of new supplies will certainly reduce prices," Boehner and Blunt write.
"By how much? Well, calling upon the logic you employed to derive the price reduction from redirecting 70,000 barrels of oil a day from the Strategic Petroleum Reserve, it stands to reason that bringing online the one million barrels a day the Interior Department says is available in ANWR would reduce gasoline prices by 14 times the price reduction achieved by redirecting oil from the SPR. And though estimates of recoverable deepwater resources along our Outer Continental Shelf are notoriously outmoded, the 80 billion barrels of oil we believe is there right now would constitute a price reduction several times larger than redirecting oil from the SPR."
Republicans in the Senate made a similar proposal today in the form of an amendment to the bill to suspend shipments to the Strategic Petroleum Reserve. The amendment failed, 42-56, before the bill passed, 97-1.
The League of Conservation Voters offered backhanded praise for the amendment, which was supported by Sens. Mitch McConnell and Pete Domenici.
"The Republican Leadership who sponsored this amendment did something of a public service today: they compiled a list of some of the worst ideas to deal with America's energy future, our economy and the environment and put them all in one place for the Senate to reject by a significant margin," League legislative director Tiernan Sittenfield said.
The House Republicans' letter follows.
