Gasoline Prices Rising, GOP Lawmaker Says We Need to Pump More Oil Into Strategic Reserve

Gasoline prices are rising fast, and some Republican lawmakers are pushing the Trump administration to set aside reserves to lower prices. “We can’t wait any longer,” Rep. Bill Flores (R-Texas) said Sunday on “Fox…

Gasoline Prices Rising, GOP Lawmaker Says We Need to Pump More Oil Into Strategic Reserve

Gasoline prices are rising fast, and some Republican lawmakers are pushing the Trump administration to set aside reserves to lower prices.

“We can’t wait any longer,” Rep. Bill Flores (R-Texas) said Sunday on “Fox News Sunday.” “Americans are paying too much for gas and have no option but to look at this dramatic in spike.”

Flores joined Fox Business Network to discuss why Republicans should demand that the federal government pump up the nation’s Strategic Petroleum Reserve (SPR) — a temporary stockpile of oil in coastal areas that is tapped in times of trouble.

The Republican lawmaker said that the price of oil could reach $100 a barrel and the United States should utilize the SPR as a buffer against a drop in production.

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“At some point, we have to draw down on reserves. This is the sixth time we’ve used our strategic reserve. This has not helped stabilize prices at the pump,” Flores continued.

According to the Department of Energy, the SPR held 927 million barrels of oil at the end of 2017. It stores oil in barge, aircraft carrier and cavern underground storage facilities.

The Trump administration has been accused of trying to boost energy production at the expense of market stability. This week President Trump repeated his repeated threat to fire Attorney General Jeff Sessions and appoint a special counsel to investigate the Democrats, CNN reported.

A new Rasmussen Reports survey out Sunday found that 47 percent of voters have a less favorable opinion of Trump since firing FBI Director James Comey.

Watch the discussion above.

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