Washington, DC – Today, Congresswoman Gillibrand followed up on her call last month for the President to take immediate action to lower gas prices by voting in favor of H.R. 6022, the Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act. This legislation is similar to the proposal that Congresswoman Gillibrand announced to bring immediate relief from record high gas prices.  On April 3, the Congresswoman sent a letter directly to President George W. Bush asking him to suspend planned future purchases for the nation’s Strategic Petroleum Reserve.  This proposal would keep oil in the market, and according to market analysts, could reduce prices at the pump up to $0.25 a gallon.

“Upstate families are struggling with record high gas prices and rising food costs in this economic downturn,” said Congresswoman Gillibrand, a Member of the House Armed Services Committee.  “This proposal sends a clear message to the President that immediate action must be taken to bring relief to the American people.  For our long-term economic strength and national security, we must make substantial investments in new energy technologies, including non-food based biofuels, like cellulosic ethanol, and other renewable energy sources to break our dependence on foreign oil and tackle global climate change.  This long-term energy policy will not only move America closer to energy independence, but will also revitalize our agricultural and manufacturing sectors, and grow new ‘green collar’ jobs right here in Upstate New York.”

The Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act will temporally suspend purchases for the Strategic Petroleum Reserve through the end of 2008, until the price of a barrel of oil falls below $75.  The Congressional Budget Office has found that for every $10 reduction in the price of a barrel of oil there is a $50 billion stimulative effect on the economy at a time when we desperately need it.  The average price of gasoline in the Capital District has reached a record high $3.87 a gallon.  The national average for a gallon of gasoline has increased nearly 160% since January 2001.