Van Hollen: Tap Oil Reserve to Cut Gas Prices

Sunday, 01 May 2011 09:44 AM

By Hiram Reisner

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House Budget Committee Ranking Member Rep. Chris Van Hollen says it might be time to tap the nation’s Strategic Petroleum Reserve Chris Van Hollen, Gas Prices, Strategic Petroleum Reserveto help bring down gas prices in the short term, Politico reports.

"We’ve seen a supply disruption as a result of Libya, which has helped feed a speculative bubble," Van Hollen, D- Md., said Sunday on CNN’s “State of the Union.” “The only way to address that in the very short term is to consider releasing some of the oil from the Strategic Petroleum Reserve.

Wyoming GOP Sen. John Barrasso, speaking on the same show, disagreed.

“The strategic reserve has oil of about 66 days,” Barrasso said. “It’s there for specific emergencies — this isn't it.”

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