Washington - Today, US Senator Robert Menendez (D-NJ) applauded President Obama's decision to release 30 million barrels from the U.S. Strategic Petroleum Reserve (SPR) within the next 30 days and released the following statement:
"I applaud President Obama for heeding my call to release oil from the SPR. Releasing oil from the SPR is a proven tool to reduce oil prices in the short run. With our fragile economic recovery still struggling to get to full speed, this was a prudent and timely decision. In addition, this will immediately provide $2.5 billion to reduce the deficit," said Menendez.
Earlier this year, Senator Menendez released an energy plan to help bring down prices which included provisions to release 50 Million Barrels of oil from the Strategic Petroleum Reserve. Menendez urged President Obama to invest the profits raised from selling the reserves to reduce the deficit and invest in strategies to further lower gas prices. According to early reports, prices have already gone down 4% with today's announcement.
Click here for more details on Menendez's Energy Plan: http://menendez.senate.gov/newsroom/press/release/?id=b28528f9-9d6a-417a-8e7d-e19a55a4766a.
Earlier this year, Senator Menendez and five other senators called on President Obama to release oil from the Strategic Petroleum Reserve in a group letter: http://menendez.senate.gov/newsroom/press/release/?id=13ccccbd-20e1-444f-b765-d2d628c6b15e.
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