Mike Levin: “We are in an energy crisis. I will speak about that part of the Byrd amendment particularly, which would use the money…”

“We are in an energy crisis. I will speak about that part of the Byrd amendment particularly, which would use the money from not continuing to fill the 96-percent filled Strategic Petroleum Reserve and taking the money that would then be made available and using it for some critical homeland security needs. The energy crisis is obvious. We are paying a record amount per barrel for oil. The addition of these millions of barrels to the Strategic Petroleum Reserve is significantly adding to the cost of oil and is weakening our economy. Last week, Alan Greenspan stated: [E]conomic activity hit a soft patch in late spring. . . . That softness in activity no doubt is related, in large measure, to this year's steep increase in energy prices. Chairman Greenspan further stated: Most macroeconomic models treat an increase in oil prices as a tax on U.S. residents that saps the purchasing power of households and raises costs for businesses. Yet in the face of this crisis, the administration is decreasing rather than increasing the supply of oil.”