BUSINESS
02/02/2009 05:12 am ET | Updated May 25, 2011

Rep. Markey Says It's Time To Buy Oil For Strategic Reserve

WASHINGTON (December 30, 2008) -- Rep. Edward J. Markey (D-Mass.) and other lawmakers today called upon the Department of Energy to resume buying oil for America's national oil reserves, calling it the prudent response to lower oil prices, just as stopping the fill of the reserves was a prudent response when oil rose above $100 per barrel. Rep. Markey, along with Reps. Peter Welch (D-Vt.) and John Yarmuth (D-Ky.), were principal authors of the bill that forced the Bush administration to stop filling the reserves in May of 2008.

"At current prices, a smart New Year's resolution for the Bush administration is to start buying oil again for our national reserves," said Rep. Markey, who is Chairman of the Select Committee on Energy Independence and Global Warming. "Just as it was prudent to stop buying oil at record high prices, we should continue to fill the reserves now that prices have plummeted. That's sensible fiscal policy, plain and simple."

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