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Jun 23, 2011 11:47 AM

Congressman Landry: Obama is Day Late, Dollar Short

Landry's Press Release: Following the announcement made this morning by U.S. Energy Secretary Steven Chu that U.S. will release 30 million barrels of oil from the Strategic Petroleum Reserve (SPR), Congressman Jeff Landry (R, LA-03) issued a sharp criticism on the President and his Administration:

"The President continues to be a day late and a dollar short. Since House Republicans have aggressively fought back against rising gas prices by passing multiple energy bills in May, oil prices have fallen to under $100 per barrel and the average gas prices have dropped 30 cents. Once again, the President is leading from behind. Unfortunately, the American taxpayers will be forced to pay the price. Instead of spending millions of dollars to release and replace the reserves from the SPR, the Administration should be issuing permits in Alaska and the Gulf of Mexico, our real strategic reserve. Americans are tired of irresponsible, political stunts by the President like today's announcement; we want continued lower energy prices and we want jobs."
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SPR site drawdown release costs for power, oil sampling and testing, delivery inspections, etc. are roughly $0.10 per barrel. SPR site drawdown receipt costs for power, brine disposal, receipt inspections, oil sampling and testing, etc. are roughly $0.18 per barrel. Additionally, there can be terminal charges associated with a drawdown at the SPR. For marine deliveries, the SPR must pay marine vessel loading costs, which are between $0.25 and $0.30 per barrel.

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