Senate votes to stop filling Strategic Oil Reserve

The Senate on Tuesday voted with overwhelming support to stop filling the Strategic Petroleum Reserve in order to reduce the cost of gasoline.

Democratic presidential candidates Sens. Barack Obama (Ill.) and Hillary Rodham Clinton (N.Y.) rushed back to Washington to be part of the 97-1 vote. Only Sen. Wayne Allard (R-Colo.) opposed the measure. Sens. John McCain (R-Ariz.) and James Inhofe (R-Okla.) did not vote.

{mosads}“Democrats today led the charge against one of the root causes of skyrocketing oil and gas prices,” said Senate Majority Leader Harry Reid (D-Nev.) following the vote. “Instead of hiding barrels of oil in the nearly full Strategic Petroleum Reserve, we want to put them on the market to increase supply and lower prices.”

Reid called passage of the measure “a good first step,” but added that more must be done.

“Republicans must abandon their shortsighted strategy of ‘drill, drill, drill’ and join us to pass the rest of the Democratic energy bill that puts consumers first, forces Big Oil to pay its fair share and invests in renewable energy,” Reid said.

Republicans also hailed the vote.

“There are no quick fixes in dealing with this issue, but there are things the federal government can and must do,” said Georgia Sen. Johnny Isakson (R). “Temporarily halting deposits to the reserve sends the signal to the global market that the United States will take measures to address excessive oil prices.”