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Elizabeth Ames Jones on Release of Strategic Petroleum Reserves




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June 23, 2011 | 2044 views | 1 comment

Austin, Texas - President Obama’s 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 political grandstanding at its worst. It is another example of the ineptitude of this administration’s energy policy. Even worse, this is a total disregard of the intent of the law that established the SPR for emergency purposes.

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.

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 and studies that undermine and drive costs up for domestic oil and gas producers and ultimately consumers.

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.

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Chairman Elizabeth Ames Jones, 54, was elected to the Texas Legislature in a landslide-upset victory in 2000. She was overwhelmingly elected to serve a six-year term in 2006 on the State’s energy oversight agency, the Texas Railroad Commission. She is a staunch advocate for the responsible production of America’s energy resources, tort reform, and limited government. As chief regulator, Jones is committed to speaking out for sound public policy so America, like Texas, can reap the benefits of a vibrant and responsible domestic oil and natural gas industry.
 
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