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Surprise: House Vote to Tap the SPR

July 24, 2008 - by Donny Shaw

(Updated below)

Geesh! How are we, as citizens, supposed to care about what’s going on in Congress if we don’t even get information on the bills that are being voting on? Suddenly on today’s Daily Leader, we learn that the House, today, will be voting on something called the Consumer Energy Supply Act of 2008. Since the government hasn’t put out any of the information the bill, I figured I’d pass along this info from Reuters. For now we have no choice but to take their word for it.

>The U.S. House of Representatives on Thursday will vote on legislation to sell 70 million barrels of light, sweet crude oil from the Strategic Petroleum Reserve and replace it with heavy, sour crude, Democratic leaders said.
>
>"We will also consider legislation on Thursday regarding the strategic petroleum reserve," Majority Leader Steny Hoyer told reporters at a press conference on Wednesday.
>
>Light, sweet oil is a more desirable type of crude because it has less sulfur and is more easily refined, which may encourage refiners to make more gasoline, diesel fuel and other oil products.
>
>If passed, the Consumer Energy Supply Act of 2008 will require sale of 10 percent of the oil in the stockpile, or 70 million barrels, on the open market. Money generated from the sales will be used to purchase heavy crude, which is cheaper.
>
>Sales of the oil would be required to begin within 30 days after the bill is passed and be completed within six months. At least 20 million barrels would need to offered for sale within 60 days of the bill’s passage.

This reminds me: why hasn’t this bill been passed yet?:

>H.Res.63 – Amending the Rules of the House of Representatives to ensure that Members have a reasonable amount of time to read legislation that will be voted upon.

UPDATE: Like the other energy bills Democrats have tried to force through on the suspension calendar, this bill did was defeated. According to RTT News, the bill’s defeat lead directly to a gas price increase.

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Comments

  • Dem02020 07/24/2008 10:59am

    This is a great item on the Blog, thanks. It is thorough and comprehensive, with the link to The Daily Leader House page, and with the Reuters excerpt too: great job.

    Right now, the American People are intensely interested in the matter of extraordinarily high oil and gas prices: they are attentive to hearing the reasons for these high prices.

    When the media prattles on senselessly in the matter, they never ever try and explain why these oil and gas prices are so high: they continously imply a “supply shortage” in their talk about opening up more Federal Lands to more drilling (despite the extraordinary amounts of Federal Lands already leased to oil companies, and known to have vast amounts of oil under them, but nevertheless go largely unworked, because those leaseholders don’t like the “low margin” or low profit to be had from drilling those lands).

    Likewise, Republicans in Congress as well as in the media, scream about more leases, and skip right over the obvious fact that it is the price of ever-rising commodities futures contracts that are driving the price of oil up and up and up (and that’s what the price of oil is that you see reported daily in the media: when they say “oil closed up today, at $140 a barrel”, they mean that "on the New York Mercantile Exchange today, commodities futures contract traders drove the price of those contracts up today, to $140 a barrel).

    Anyway, the American People are ripe right now, to hear the truth and know what’s going on with this extraordinary spike in the price of oil and gas (and many millions of Americans already know, thanks to the Internet News Wire).

    And the great idea of drawing out about 10% of the SPR to maybe immediately stop the rising price of gas at the pumps, if not decrease it perhaps: this is a great idea, which brings us to the whole point of the above item, and also to what I’ve said about how the American People are ripe and curious for the truth and for good and great ideas in this matter…

    Why would Majority Leader Hoyer want to rush this idea about the SPR right past the American People’s attention right now?

    Isn’t that counter-productive, and not taking advantage of the fertile ground of the American People’s interest in this matter?

    Why not take the time to get the American People behind this idea about the SPR, and behind H.R.6578?

    Whatever Mr. Hoyer’s strategy is in rushing this matter madly through Congress, he is also at the same time rushing it right past the American People also, who might also enjoy the ten legislative days to think about it, and to read about it on the Internet News Wire, and perhaps really build up a national consensus in the matter about the SPR.

    It serves no good purpose toward the great idea of opening up a significant amount of the SPR right now, if that idea is sprung as an instant surprise on many Americans, and is then rushed past everyone involved, inviting nothing but a confused and senseless dialogue on the SPR, that probably results in a veto threat and maybe withdrawal of the Legislature: all in the matter of a day or two, which was not enough time to build a national consensus among the American People on a great idea.

    Don’t rush great ideas past the American People, but take the time to explain and defend them: build a national consensus on this matter of the SPR: the American People are intensely interested in the matter, and ripe for action.

  • Anonymous 07/24/2008 12:06pm

    Congress said the price of oil should go lower. They threatened legislation. They were manipulating the market. they sell off some SPR and that is why the price went lower, not the threats and manipulation.

    Congress needs to give tax breaks for the non oil cars like the air and water cars. The breaks need to be over 50% of the cost of the vehicle. We might survive for another five years.

    In three years the cost of oil will be 300 a barrel and we don’t have it.

  • Anrik 07/25/2008 8:44am
    Link Reply
    + -2

    This is a enormous article on the Blog . The American citizens are mature right now, so they will take right decision
    ______________________________
    Anrik
    Addiction Recovery Virginia

  • Anrik 07/25/2008 8:45am
    Link Reply
    + -1

    This is a enormous article on the Blog . The American citizens are mature right now, so they will take right decision
    ______________________________
    Anrik
    http://www.addictionrecovery.net/virginia"

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