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Obama Statement on the President's Decision to Release Oil from the Strategic Petroleum Reserve

Wednesday, August 31, 2005

FOR IMMEDIATE RELEASE
Obama Contact: Robert Gibbs or Tommy Vietor, (202) 228-5511
Illinois Contact: Julian Green, (312) 886-3506
Date: August 31, 2005

Obama Statement on the President's Decision to Release Oil from the Strategic Petroleum Reserve

WASHINGTON - U.S. Senator Barack Obama (D-IL) today released the following statement about President Bush's decision to release oil from the Strategic Petroleum Reserve:

"I agree with the President's decision to release oil from the Strategic Petroleum Reserve to help replenish supply shortages resulting from Hurricane Katrina. Nearly all oil and natural gas production in the Gulf of Mexico has been shut down, and releasing this oil will help increase production and stabilize prices. However, I do believe that this tragedy makes it very clear that that the reserve should only be used in the event of an emergency, and that we shouldn't be tapping the reserve to provide a small, short-term decrease in gas prices.

"Catastrophic events like Hurricane Katrina are the reason the Strategic Petroleum Reserve was created, and releasing oil at this time is appropriate. But to truly provide Americans relief from skyrocketing oil prices, we must get serious about decreasing America's dangerous dependence on foreign oil by increasing fuel efficiency and investing more in the renewable fuels that can lead us down the path to energy independence."