By Jim Shaw
|Â April 27, 2010Â |
With the price of gasoline soaring out of control, Congressman Edward Markey (D-MA) called on President Obama to tap the nation’s Strategic Petroleum Reserves, which according to Markey will swiftly and significantly address the issue of the spiraling cost of gas for average hard working Americans. With a Medford Getty station serving as his backdrop, Markey stood firm in his resolve to help consumers gain the upper hand over big oil companies and their drive towards record profits. Markey said, “Now is the time for President Obama to deploy the Strategic Petroleum Reserves. We have over 730 million barrels of oil in reserve. If ever there was a time to do it, it’s now, and as soon as possible.”
 Markey explained that previous administrations have tapped federal oil reserves which resulted in immediate short term relief. He said, “The first President Bush used his executive powers to deploy the Strategic Petroleum Reserves in 1991 and the price of gasoline dropped precipitously. President Clinton used it, and President George W. Bush used oil reserves and again the price of gasoline dropped precipitously. It’s a weapon that works!”
 Markey also called for a repeal of taxpayer subsidies for big oil companies that will cost $40 billion over ten years. “As oil companies report the largest profits in the history of the world, there’s going to be an outrage against these companies.” Markey reported that while Republican leaders in Congress want to continue oil subsidies, they have moved to cut funds for wind, solar and other alternative energy resources by 70%.
 While Markey acknowledged that the White House has yet to move on deploying the strategic Petroleum Reserves, he did indicates that he has the support of several members of Congress. Markey exclaimed, “We need to do this now. Our economy is in jeopardy if we don’t”
Â
