New York's Senator
CHARLES E. SCHUMER

FOR IMMEDIATE RELEASE September 24, 2000

SCHUMER: OIL RELEASE WILL LOWER PRICES FOR NEW YORKERS

US Senator Charles E. Schumer, who originated the call to release oil from the nation's Strategic Petroleum Reserve (SPR) over a year ago, today announced that President Clinton's decision to release 30 million barrels of oil from the SPR should significantly lower home heating oil costs this winter. Schumer repeatedly lobbied President Clinton, Energy Secretary Bill Richardson and Treasury Secretary Lawrence Summers to tap into the SPR to help avert an economic crisis for New York and the nation as a whole.

"President Clinton's decision to release 30 million barrels of oil from the Strategic Petroleum Reserve will lower home heating oil costs and prevent many New Yorkers from having to choose between heating their homes and paying for basic necessities like food and clothing. Those who label the President's decision 'election year politics' either do not understand the severity of this crisis or simply don't care," Senator Schumer said.

With the cost of oil recently exceeding $37 per barrel, New Yorkers faced prices as high as $2.48 per gallon to heat their homes this winter, nearly double last winter's average price of $1.31 per gallon. The release of 30 million barrels of oil from the SPR could reduce prices by as much as $7 per gallon, saving consumers hundreds of dollars. In addition to its immediate impact upon prices, releasing oil from the SPR before October 1 provides enough time to process, refine and deliver the oil to consumers before the onslaught of winter.

"Bill Clinton and Al Gore deserve credit for standing up to the oil industry, facing down OPEC, and protecting our economy. New Yorkers were already hit with soaring electricity bills this summer. Anyone who has ever had to dig deep into their pockets to pay for heating oil, gas or electricity can appreciate this decision," Senator Schumer added.

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