Joe Barton: “To the extent we have an historical record on what this would do, on April 25, 2006, President Bush announced suspension…”

“To the extent we have an historical record on what this would do, on April 25, 2006, President Bush announced suspension of 67,000-barrels-a-day acquisition for the SPR for the summer driving season. The day before he made that announcement, the price of oil was $70.19. The day he made the announcement, it fell to $67.43 per barrel. And the day after he made the announcement, it went back up to $71.71 per barrel, which was a net increase of 62 cents a barrel. So to say that this is going to lower the price based on the historical record would be inaccurate.”