Tags: obama | tap | oil | reserves

Republicans Rip Obama for Idea to Tap Oil Reserves

Monday, 19 Mar 2012 11:40 AM

By Newsmax Wires

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Republicans are upset with talk that the White House plans to open up the country’s emergency oil reserves to curb the raging increase in gasoline prices. GOP politicians see the potential move to release oil from the Strategic Petroleum Reserve, (SPR) as a political maneuver to aid President Barack Obama’s re-election effort, The Hill reports.

Gasoline prices average $3.84 nationally, almost double their level when Obama took office in January 2009. The SPR holds 696 million barrels of crude on the Gulf Coast.

“The Strategic Petroleum Reserve is for emergencies — not political disasters,” Sen. John Barrasso, R-Wyo., said in a statement Thursday. “Instead of manipulating the SPR, the White House should approve the Keystone XL pipeline, increase domestic energy exploration, cut red tape, and stop the EPA from shutting down American refineries.”

Barrasso pointed to a Feb. 28 memo from the Senate Republican Policy Committee that specified the GOP’s objections to an SPR release.

“Releasing oil from the SPR would be, at best, a short-term benefit, while continuing to neglect the long-term policies that could prevent true supply disruptions and price spikes in the future,” the memo says.

News reports last week stated that Obama and U.K. Prime Minister David Cameron had jointly agreed to tap their emergency supplies. But The White House denied there was an accord.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Border Patrol Agent Fires at Armed Militia Member

Friday, 29 Aug 2014 20:14 PM

A Border Patrol agent pursuing a group of immigrants in a wooded area near the Texas-Mexico border on Friday fired sever . . .

Teen Dies in Lamborghini Test-Drive Crash

Saturday, 30 Aug 2014 09:30 AM

A New York teen taking a test drive of a family friend's Lamborghini has died after crashing the high-powered sports car . . .

Atlantic City Losing 2 Casinos, 5K Jobs in 3 Days

Saturday, 30 Aug 2014 09:15 AM

 . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved