The nation's emergency oil stockpile managed by the Energy Department declined to its lowest level in 39 years last week as gas and oil prices increased, federal data showed.
GOP lawmakers have also announced oversight efforts and introduced legislation to prevent further releases. Last month, Senate Energy and Natural Resources Committee Ranking Member John Barrasso, R-Wyo., and House Energy and Commerce Committee Ranking Member Cathy McMorris Rodgers, R-Wash., sounded the alarm that mismanagement of the SPR may damage the reserve's infrastructure.
"Instead of unleashing American energy production, you have depleted our strategic stockpile while failing to establish long-term plans for the optimal size, configuration, maintenance, and operational capabilities of the reserve," they added.In December 2021, Barrasso and other GOP members of the Senate Energy and Natural Resources Committee introduced the Strategic Production Response Act.
"Even while the United States is a net exporter of crude oil and petroleum products, the SPR must maintain sufficient inventory and operational capabilities to mitigate potential interruptions, such as those that occurred in recent years following hurricanes in the Gulf of Mexico," their letter continued. "This is critical for America’s energy security and national security."
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