Mike Levin: “I am pleased to offer, along with Senator Collins, an amendment to ensure that the Department of Energy, DOE, carries…”

“I am pleased to offer, along with Senator Collins, an amendment to ensure that the Department of Energy, DOE, carries out the direction in this bill to fill the Strategic Petroleum Reserve, SPR, in a cost-effective manner. I would like to thank the managers of the bill, Senators Domenici and Bingaman, and Senators Wyden and Schumer for working with Senator Collins and myself so that this amendment can be accepted. The Energy Bill being considered by the Senate today directs the Secretary of Energy to ``as expeditiously as practicable, without incurring excessive cost or appreciably affecting the price of gasoline or heating oil to consumers, acquire petroleum in quantities sufficient to fill the Strategic Petroleum Reserve to [1 billion barrels].'' This amendment will help the DOE ensure that it will acquire oil for the SPR without incurring excessive cost or appreciably affecting gasoline or heating oil prices. The amendment is simple. It directs DOE to consider the price of oil and other market factors when buying oil for the SPR. It also directs DOE to minimize the program's cost to the taxpayer while maximizing our energy security. At the same time, it does not restrict the Secretary of Energy's discretion to determine how quickly to fill the SPR, or when to put more oil into the SPR. A nearly identical amendment that I offered with Senator Collins was adopted by the Senate by voice vote on the Interior Appropriation Bill for fiscal year 2004.…”