PRINTER'S NO. 2010
No. 329 Session of 2005
INTRODUCED BY GEORGE, BELARDI, BELFANTI, BUNT, CALTAGIRONE,
DALEY, DeLUCA, GOODMAN, JAMES, KIRKLAND, LEVDANSKY, PALLONE,
PETRARCA, PETRONE, PISTELLA, ROBERTS, WALKO AND YOUNGBLOOD,
JUNE 6, 2005
REFERRED TO COMMITTEE ON ENVIRONMENTAL RESOURCES AND ENERGY,
JUNE 6, 2005
A RESOLUTION
1 Urging the President and Congress of the United States to
2 support an immediate limited release of the Strategic
3 Petroleum Reserve.
4 WHEREAS, Our nation has seen the effect of speculation and
5 the manipulation of energy markets in California's electricity
6 crisis; and
7 WHEREAS, Oil futures prices have spiked to new record highs
8 in recent months; and
9 WHEREAS, While there is no evidence of illegal actions,
10 Chairman of the Federal Reserve Alan Greenspan has referred to
11 the higher energy prices as a "price frenzy"; and
12 WHEREAS, The current surge in oil prices may be based on the
13 belief of speculators that energy prices will continue to rise
14 with growing demand and limited supply; and
15 WHEREAS, The Strategic Petroleum Reserve was created
16 following the 1973 energy crisis; and
17 WHEREAS, The four Strategic Petroleum Reserve storage sites
1 have an aggregate capacity of approximately 700 million barrels
2 and as of February 2005 were approximately 97% full; and
3 WHEREAS, Releasing a portion of our nation's Strategic
4 Petroleum Reserve could stem rising prices in our nation's
5 energy commodities markets; therefore be it
6 RESOLVED, That the House of Representatives of the
7 Commonwealth of Pennsylvania urge the President and Congress of
8 the United States to support an immediate limited release of the
9 Strategic Petroleum Reserve; and be it further
10 RESOLVED, That copies of this resolution be transmitted to
11 the President of the United States, to the presiding officers of
12 each house of Congress and to each member of Congress from
13 Pennsylvania.
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