August 31, 2005

            “The Strategic Petroleum Reserve is our Nation’s insurance policy against supply disruptions and should be tapped only in the event of national emergencies,” Hall said.  “Hurricane Katrina has disrupted our oil and gas supplies, and I think it is appropriate for the President to release some of our oil reserves to help offset those losses and restore confidence in the energy market.  I also believe that we need to increase our reserves to provide added security in the event of natural disasters, terrorist attacks, or war.”

            “The Hurricane damage unfortunately comes at a time when gasoline prices already were too high,” Hall said.  “Increasing worldwide demand for crude oil, along with little capacity to pump more oil, have been driving up gasoline prices.  American citizens are paying the price for our dependence on foreign sources for more than 60 percent of our oil supply. 

            “The Energy Policy Act of 2005 that Congress passed in July (and the President signed on August 8) provides a national energy strategy to reduce America’s dependence on foreign oil,” Hall noted.  “This legislation was long over-due, and it could not have come at a more critical time.  It puts America on course to produce more oil here at home and foster greater conservation and efficiency, thereby boosting supply, lowering demand, and lowering costs for consumers.  This legislation will not provide immediate relief – but it will help secure America’s future energy needs.”

            “There will be added pressure in Congress now to open Alaska’s Arctic National Wildlife Refuge (ANWR) to drilling,” Hall predicted.  “I have long supported opening at least a million acres of the nineteen-million-plus acres in the Refuge to drilling and production.  The ten billion barrels of economically recoverable oil in ANWR would be sold only in the domestic market and would eventually help drive down costs.  Again, this is not an immediate answer but one that would be part of a long-term energy strategy.”

            “Congress will address emergency funding for hurricane recovery efforts when we return to Washington following Labor Day,” Hall said.  “Our nation faces tremendous challenges at home in meeting the needs of those displaced by the hurricane and rebuilding so many cities and communities.  I’m very pleased that Texas is offering assistance to our neighbors in Louisiana.  We have much work to do.”