Congress says no to release of strategic petroleum reserve

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WASHINGTON, DC – The Air Transport Association of America (ATA), the industry trade organization for the US airlines, today issued the following statement in response to the House decision not to release oil from the Strategic Petroleum Reserve (SPR):

“We are disappointed with the outcome of the House vote. A staggered release of oil from the Strategic Petroleum Reserve would have both short- and long-term impact on reducing the price of oil,” said ATA president and CEO James C. May. “We sincerely hope that Congress will put aside its partisan differences and agree on a comprehensive package before recessing for the summer.”

May added that the package should include a three-pronged approach – stop excessive speculation in the oil commodities markets, remain focused on environmentally sound supply-side solutions, and immediately begin releasing 10 percent of the SPR. “Congress must act now,” said May.