DELAURO, WELCH APPLAUD RELEASE OF EMERGENCY OIL RESERVES

Washington, DC— Representatives Rosa DeLauro (CT-3) and Peter Welch (D-VT) applauded President Obama's decision to release 30 million barrels of oil from the Strategic Petroleum Reserve (SPR) today.

The SPR currently holds 727 million barrels and is filled to capacity. DeLauro and Welch joined Representative Ed Markey (MA-7) in calling upon the President to take this action in February, urging him to consider this tactic to reduce oil prices in the short-term for American consumers and businesses.

"I am very pleased with the President's decision to release some of oil held in our Strategic Petroleum Reserve. This move will help calm the markets by making it clear that we do not have a supply problem—and will help to curb the undue speculation that has been driving the price of oil higher and higher. With the Republican budget cuts to the Commodity Futures Trading Commission (CFTC), which could regulate unfair speculation if fully funded, the President's action is critical," said DeLauro. "Releasing oil from the SPR will help to protect American consumers at the pump, and I will continue to work with my colleagues and the President to lower the cost of gas."

"This is a welcome step that will provide immediate relief to consumers at the gas pump and a boost to the struggling American economy. And it sends a shot across the bow to oil speculators who are gaming the markets to line their pockets," said Welch. "While this is not a long term solution, it will provide much-needed short term relief to Americans who are struggling to make ends meet."