Jeff Bingaman: “I submitted an amendment to extend the authority for the Strategic Petroleum Reserve. The Strategic Petroleum Reserve…”

“I submitted an amendment to extend the authority for the Strategic Petroleum Reserve. The Strategic Petroleum Reserve, SPR, is the major tool the United States has to deal with the impact of a significant disruption in oil supplies. Current authorizations to the President to release or drawdown oil from the SPR will expire on September 30, 2003. Release of oil from the SPR, in coordination with stock drawdowns with other consumer nations is done pursuant to the International Energy Agency's International Energy Program, IEP, Agreement. Actions taken under this agreement seek to add more supply to a tight market, reducing the possibility of price spikes and economic havoc that oil markets experienced during such incidents as the Arab oil embargo. Decisions to withdraw crude oil from the SPR during an energy emergency are made by the President under the authorities of the Energy Policy and Conservation Act. It is important to extend the SPR authority on this legislation. While it may be possible to move legislation through the Energy Committee, there is no guarantee that a separate bill would be completed and on the President's desk before September 30. Therefore, the prudent thing for the Senate to do is to add this language to the Omnibus Appropriation bill.”