Bill Text: NJ SR54 | 2012-2013 | Regular Session | Introduced
Bill Title: Urges President to release stored oil reserves from Strategic Petroleum Reserve.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-03-08 - Introduced in the Senate, Referred to Senate Transportation Committee [SR54 Detail]
Download: New_Jersey-2012-SR54-Introduced.html
Sponsored by:
Senator SHIRLEY K. TURNER
District 15 (Hunterdon and Mercer)
SYNOPSIS
Urges President to release stored oil reserves from Strategic Petroleum Reserve.
CURRENT VERSION OF TEXT
As introduced.
A Senate Resolution urging the President of the United States to release stored government oil reserves from the Strategic Petroleum Reserve to ensure that citizens have access to affordable gasoline supplies.
Whereas, Most Americans are aware that our national economy is highly dependent upon the availability of an affordable energy supply; and
Whereas, The oil-price shocks of the 1970's in the aftermath of 1973-74 oil embargo led to the creation of the U.S. Strategic Petroleum Reserve ("SPR") to be used in the event of an interruption in the importation of oil to help calm markets, mitigate sharp price increases, and reduce the economic impact of a diminished supply of crude oil; and
Whereas, The SPR, the largest stockpile of government-owned emergency reserve crude oil in the world, was authorized under the Energy Policy and Conservation Act of 1975 to stockpile up to one billion barrels of oil; and
Whereas, Former President Clinton responded to escalating gasoline prices during the summer and fall of 2000 by ordering a drawdown of 30 million barrels of oil from the SPR over 30 days, which action resulted in lower gasoline prices at a net savings to taxpayers since the federal government was subsequently able to replace the 30 million barrels of oil by purchasing oil at new, lower prices; and
Whereas, According to the U.S. Department of Energy, the department completed its program to fill the SPR on December 27, 2009 and the SPR is almost at its actual current physical capacity of 727 million barrels; and
Whereas, Sharp increases in gasoline prices during the months of March and April, 2011 have led to average retail prices for regular unleaded gasoline in excess of $3.75 per gallon in New Jersey and in excess of $3.85 per gallon nationwide at the end of April 2011, according to AAA Mid-Atlantic, Inc.; and
Whereas, It is in the interest of this country and this State for the Senate to urge the President of the United States to release one million barrels of oil per day for 30 days from the SPR in order to quickly lower gasoline prices; now, therefore,
Be It Resolved by the Senate of the State of New Jersey:
1. The Senate urges the President of the United States to release stored government oil reserves from the U.S. Strategic Petroleum Reserve at the rate of one million barrels of oil per day for 30 days in order to provide rapid price relief for gasoline and to stabilize long-term oil prices.
2. A duly authenticated copy of this resolution, signed by the President of the Senate and attested to by the Secretary thereof, shall be transmitted to the President of the United States and the United States Secretary of Energy.
STATEMENT
This Senate resolution urges the President of the United States to release stored government oil reserves from the U.S. Strategic Petroleum Reserve ("SPR") at the rate of one million barrels of oil per day for 30 days to ensure that America has access to affordable gasoline supplies in the future.
The energy crisis of the 1970's made most Americans aware of our economy's dependence upon the availability of an affordable energy supply. That energy crisis led to the creation in 1975 of the SPR to be used in the event of an interruption in the importation of oil to help calm markets, mitigate sharp price increases, and reduce the economic impact of a diminished supply of crude oil.
