[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 364 Introduced in Senate (IS)]
108th CONGRESS
2d Session
S. RES. 364
Expressing the sense of the Senate concerning oil markets.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 18, 2004
Mr. Schumer (for himself, Mr. Kennedy, Ms. Stabenow, Ms. Mikulski, Mr.
Wyden, Mr. Durbin, Mr. Corzine, Mrs. Boxer, Mr. Levin, Mr. Lautenberg,
Mr. Leahy, Mr. Harkin, Mr. Dodd, Mrs. Feinstein, Mrs. Clinton, Mr.
Sarbanes, Mr. Reed, Mr. Daschle, Mrs. Murray, Mr. Lieberman, Mr.
Rockefeller, Mr. Akaka, Mr. Feingold, Mr. Reid, Mr. Johnson, and Mr.
Dayton) submitted the following resolution; which was referred to the
Committee on Energy and Natural Resources
_______________________________________________________________________
RESOLUTION
Expressing the sense of the Senate concerning oil markets.
Whereas the prices of gasoline and crude oil have a direct and substantial
impact on the financial well-being of American families, the potential
for national economic recovery, and the economic security of the United
States;
Whereas on Friday, May 7, 2004, crude oil prices reached a 13-year high of $40
per barrel, the weighted national average retail price of gasoline was
$1.96 per gallon, and the average retail price of gasoline has broken
all-time record highs for 2 consecutive months;
Whereas despite the fact that crude oil prices were already approaching record
highs, the Organization of Petroleum Exporting Countries (OPEC)
announced on April 1, 2004, its commitment to reduce oil production by
1,000,000 barrels per day;
Whereas the Strategic Petroleum Reserve (SPR) was created to enhance the
physical and economic security of the United States, and the law allows
the SPR to be used to provide relief when oil and gasoline supply
shortages cause economic hardship;
Whereas the proper management of the resources of the SPR could provide gasoline
price relief to American families and provide the United States with a
tool to counterbalance OPEC supply management policies;
Whereas it has been reported that the Administration's current policy of filling
the SPR at a rate of hundreds of thousands of barrels per day, despite
the fact that the SPR is more than 94 percent full, has contributed to
record high gasoline contract prices on the New York Mercantile
Exchange;
Whereas in order to combat high gasoline prices during the summer and fall of
2000, President Clinton released 30,000,000 barrels of oil from the SPR,
stabilizing the retail price of gasoline;
Whereas the Administration has failed to manage the SPR in a manner that would
provide gasoline price relief to working families; and
Whereas the Administration has failed to adequately demand that OPEC immediately
increase oil production in order to lower crude oil prices and safeguard
the world economy: Now, therefore, be it
Resolved,
SECTION 1. SENSE OF THE SENATE CONCERNING OIL MARKETS.
It is the sense of the Senate that--
(1) the President should directly confront OPEC and
challenge OPEC to immediately increase oil production;
(2) the President should direct the Federal Trade
Commission and Attorney General to exercise vigorous oversight
over the oil markets to protect the American people from price
gouging and unfair practices at the gasoline pump; and
(3) to lower the burden of gasoline prices on the American
economy and to circumvent OPEC's efforts to reap windfall crude
oil profits, the President should suspend deliveries of oil to
the SPR and release 1,000,000 barrels of oil per day from the
SPR for 30 days following the date of adoption of this
resolution, and if necessary, for an additional 30 days beyond
that.
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