As I have called on before the US Senate voted today to stop filing the Strategic Petroleum Reserve until the price of oil drops to $75 per barrel. The vote in the senate was 97-1 and the vote yesterday in the house was 385-25 in favor. Although the administration opposes this measure the votes constitute a veto proof majority. It does concern me a bit that the adminstration projects an image of being out of touch with the average American struggling with high oil prices.
We need to take this one step further. We need to begin selling some of the 709 million barrels currently in the SPR in order to increase supply. This at least could be done during the summer driving season. The proceeds from the oil sale would offset the lost revenue from the gas tax holiday. We should sell 1 million barrels per day until the price drops below $100. Some of the oil was purchased when the price was below $15 per barrel. If and when the price drops below $75 we could return to filing the reserve. This is just good business sense but adds supply at a critical time. Maybe then we can get the attention of OPEC--proving that we mean business when it comes to increasing supply. Thus protecting our national economic interests.