Susan Collins: “it makes no sense at all for the Federal Government to put further pressure on the oil supplies through large purchases…”

“it makes no sense at all for the Federal Government to put further pressure on the oil supplies through large purchases for the Strategic Petroleum Reserve at this time when oil prices are at record high levels. Through proper management of the Reserve, we can ease the economic impact drastically rising gasoline prices are having on the American family. There are three different studies which demonstrate suspending deliveries of oil to the SPR at this time would decrease gas prices by anywhere from 10 cents to 25 cents per gallon. I want my colleagues to know the Reserve is currently 92 percent full. So halting these deliveries will have no impact at all on our national security, but will be of great benefit to American consumers. In addition, our legislation would transfer the savings to restore cutbacks in homeland security. We would increase the basic Homeland Security grant program our States and communities rely upon so it would be equal to the level of last year. We would include a restoration of funding for the FIRE Act, again to last year's level. And finally, we would invest in port security which experts tell us is one of our greatest vulnerabilities. The remainder of the funding would be used for deficit reduction. This amendment makes good common sense. It will help relieve the pressure on gasoline prices, while at the same time allowing us to devote more resources to strengthening our homeland security and reducing our deficit.”