U.S. Rep. Tim Walz hailed last night’s House passage of bi-partisan legislation to address skyrocketing gas prices by suspending future purchases of oil for the Strategic Petroleum Reserve (SPR). The SPR is a stockpile of government owned oil that can be released by the President if there is a disruption in commercial oil supplies. The Reserve is nearly full and every day the federal government purchases an additional 70,000 barrels of oil to add to the reserve.

“Hard working people in southern Minnesota get more frustrated every time they pull into the gas station to fill up their tanks,” said Walz. “Every bit of relief helps my constituents. Discontinuing purchases of oil for the SPR is one step the federal government can and must take to address sky rocketing prices at the pump”

Last week, Walz joined with 94 Members of the House of Representatives in urging President Bush to voluntarily suspend purchases for the SPR. Walz said that President Bush’s failure to act to address rising gas prices led to today’s bipartisan vote in the House.

H.R. 6022, the Strategic Petroleum Reserve Fill Suspension and Consumer Protection Act, would suspend additional purchases for the SPR for the remainder of 2008, and require that any future purchases be suspended until the price of oil falls below $75 per barrel for 90 consecutive days. The legislation passed the House Tuesday night 385 to 25.

Today, the cost of crude oil is $124 per barrel and the cost of a gallon of gas in Minnesota’s 1st Congressional District is $3.65 per gallon. The largest five oil companies recently announced 1st quarter profits totaling nearly $37 billion. Exxon Mobil’s profits climbed to $11 billion, up 17 percent from last year and just shy of its record profits last quarter. BP announced their profits increased 63 percent; Royal Dutch Shell reported a 25 percent increase in profits. This continues the five-year trend of record oil profits under the Bush Administration.

Congressional leaders have pledged that the House will consider additional legislation to address the rising cost of gas, including legislation to hold OPEC and oil companies accountable for oil price fixing, efforts to promote investments in renewable energy, and policies to boost biofuel production from non-corn agricultural products in the Farm Bill. Congressman Walz also voted in favor of legislation cracking down on Big Oil Companies that are gouging American consumers (H.R. 1252). Congressional committees also continue to conduct oversight on rising gas prices.