President Halts Federal Oil Purchases
May 20 2008
WASHINGTON – U.S. Senator John Barrasso, R-Wyo., issued the following statement regarding the President’s decision to sign into law a suspension of federal oil purchases for the Strategic Petroleum Reserve:
“I am pleased the President has agreed to suspend purchasing oil for the petroleum reserve,” Barrasso said. “This is a common sense step to improve government accountability, fiscal responsibility and lessen the burden on working families. The federal government shouldn’t be competing with consumers for oil at these prices."
Barrasso helped lead the charge in the Senate to halt the government’s oil purchases for the federal reserves. His plan, S. 2927, instructs the federal government to stop putting oil into the Strategic Petroleum Reserve when the average price of gasoline is over $2.50 per gallon, and the price of diesel fuel exceeds $2.75 per gallon.