House GOP votes to rein in Biden's power over the Strategic Petroleum Reserve
After two days of floor action and consideration of over 100 amendments, the House of Representatives passed a bill Friday to limit the Biden administration’s powers when it comes to the nation's Strategic Petroleum Reserve (SPR).
The final vote was on a largely party line basis of 221-205 on the Strategic Production Response Act, which seeks to link releases from the crucial energy backstop to U.S. domestic oil production. One Democrat, Rep. Jared Golden (D-ME), crossed party lines to vote in favor.
While the bill has little chance of being considered by the Senate and even less chance of reaching President Biden’s desk, the measure put the issue of SPR management at the top of Washington’s agenda for at least two days as the reserve sits at its lowest level since 1983.
House Energy and Commerce Committee Chair Cathy McMorris Rodgers (R-WA) kicked off the debate Thursday, saying the bill was necessary to “ensure this vital American energy asset — and American security interests — will not be drained away for non-emergency, political purposes.”
Under the bill, other than during an emergency situation, a president wouldn’t be able to tap the reserve unless it simultaneously released a plan to increase oil production in the U.S.
Meanwhile, Democrats stood largely unified in opposition with Democratic Whip Katherine Clark (D-MA) releasing a statement immediately after the vote, saying it was called at the behest of oil companies and it would “raise gas prices and impede the President’s ability to continue lowering costs at the pump for working families.“
'An effort to attack the president'
Numerous amendments were considered from both sides of the aisle. Rep. Abigail Spanberger (D-VA) offered an idea to ban offshore drilling in her home state, but dismissed the overall process in an interview.
“The whole conversation starts in this place that I think is rather cynical and just an effort to attack the president," she said. Still, she acknowledged there is some value in discussing the SPR overall, but suggested little would come of it.
“I don't know that that's the most pressing conversation to have,” she said.
The Biden administration made its first big withdrawal from the SPR in November 2021 of 50 million barrels in response to high gas prices. It followed up with over 180 million barrels over the course of 2022 in the wake of the invasion of Ukraine. Those were in addition to other scheduled regular withdrawals and cycling of the SPR.
Supporters of the administration's strategy say the moves in 2022 were crucial to reducing gas prices by over $1.50 a gallon in recent months. The national average for gas prices sits at about $3.50 per gallon, with some observers expecting the price to rise in the coming months possibly to over $4 a gallon as demand picks up in the spring.
Last month, the administration announced plans to begin replenishing the reserve, but rejected some initial offers because of pricing, with crude oil around $80/barrel.
Energy Secretary Jennifer Granholm told reporters on Monday she is not worried about reaching the administration’s goal of buying 60 million barrels in the coming months, teasing an announcement that she promised “very soon.” Granholm added that Biden would veto the House GOP bill in the unlikely event it reaches his desk.
This week’s vote follows a Jan. 12 vote around the SPR and China, which received wide bipartisan backing, a feat that was not repeated this week.
Ben Werschkul is Washington correspondent for Yahoo Finance.
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