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OFFICE OF MANAGEMENT AND BUDGET ISSUES STATEMENT ON STRATEGIC PETROLEUM RESERVE DRAWDOWN, SWAP
- Article from:
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US Fed News Service, Including US State News
- Article date:
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July 24, 2008
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Copyright informationCopyright © HT Media Ltd. All Rights Reserved. Provided by ProQuest LLC. (Hide copyright information)
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The White House Office of Management & Budget issued the following statement of administration policy:
The Administration strongly opposes H.R. 6578. The immediate drawdown of the SPR required by H.R. 6578 would have a number of adverse effects and would fail to have a lasting effect on oil prices. This legislation would also jeopardize national security by increasing our vulnerability to an oil supply disruption. Rather than drawing down a strategic reserve intended to protect our Nation's energy security from a severe supply disruption, Congress should pass legislation to increase domestic oil supply. If this bill were presented to the President in its present form, the President's ...
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