With gas prices stuck near $4 and millions of Americans out of work, the White House now admits increasing energy supplies will lower costs for families and small businesses. But there’s a catch.
Instead of backing GOP bills that would expand American energy production to help lower prices and create jobs, the Obama Administration says it will tap the Strategic Petroleum Reserve (SPR). According to the Washington Post, the Administration will siphon out about 30 million barrels. Let’s put that number into context:
- According to the Energy Information Administration (EIA), America uses more than 19 million barrels per day. So the White House is releasing about a day and a half’s worth of oil.
- According to the Congressional Research Service, the U.S. has 163 billion barrels of recoverable oil. But the White House has blocked and delayed new energy production at every opportunity.
- The House passed three bills last month and one last night to expand production and create jobs by ending the de facto energy moratorium. The White House opposes them all.
- Natural Resources Committee Chairman Doc Hastings (R-WA) says the White House is “preventing the creation of [more than] 1.2 million jobs” by blocking proposals expanding production.
Moreover, the Heritage Foundation explains that the SPR “exists for moments of national crisis when there is a dramatic disruption in oil supplies.” By releasing these reserves now and blocking new production at the same time, Speaker Boehner says the White House is threatening “our ability to respond to a genuine national security crisis.”
In short, tapping the SPR is really just an attempt by the White House to paper over its de facto moratorium on energy exploration and production. There’s a better way to ease prices at the pump: it’s called the American Energy Initiative, and it’s focused on stopping policies that drive up gas prices and expanding energy production to help lower prices and create jobs. This initiative is part of the GOP blueprint for job creation. Learn more here.