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WASHINGTON, D.C. – Congressman Henry Cuellar (TX 28) announced introduction of a bill that will put downward pressure on gas prices, helping consumers deal with rising costs this summer.   As our country begins to recover from the worst recession since the Great Depression, American families have to deal with skyrocketing gas prices at the pump due to middle east turmoil,” Congressman Cuellar said. “This bill increases domestic supply and lowers gas prices for Americans who need immediate relief.”

The Gas Price Stabilization Act calls for the sale of 70 million barrels of light grade petroleum from the Strategic Petroleum Reserve (SPR) into the market – which would increase domestic supply and lower gas prices.  The bill also requires the Secretary of Energy to publish a plan for the sale of prescribed amounts of light grade petroleum from the SPR and acquire an equivalent volume of heavy grade petroleum. Since the creation of the SPR in the early 1970s, oil refinement has improved and adapted to new production methods.  In addition to lowering prices, this legislation will update the SPR’s inventory to take advantage of our energy infrastructure. 

“We must take immediate action to lower prices at the pump,” Congressman Cuellar said. “This is one way Congress can do their part and immediately ease American’s pain.”

The Gas Price Stabilization Act would increase the amount of domestic oil the U.S. holds in supply while immediately lowing the price of gasoline at the pump.  The bill would require the sale of 70 million barrels of light grade petroleum in exchange for the less expensive heavy grade petroleum. The sale would be required to take place within thirty days after the enactment and would be completed within six months after enactment requiring at least 20 million barrels offered for sale within the first 60 days after the bill becomes law.