NFU: Suspending Oil Reserve Deliveries Right Move
WASHINGTON (May 13, 2008) – National Farmers Union commended the U.S. Senate today following a 97 to 1 vote in favor of suspending oil deliveries to the Strategic Petroleum Reserve until oil prices fall.
NFU strongly supports this legislation and is urging members of the House to vote in support when they take up the measure this afternoon.
“Americans have been feeling the strain of rising energy costs for far too long and today’s action will set the path to providing much-needed relief,” NFU President Tom Buis said. “Sky high energy prices are not only affecting Americans at the pump, they’re one of the biggest culprits in increased food prices.”
“Record high oil prices have impacted farmers and ranchers across the country as well. The input costs they incur to produce a crop, such as fuel and fertilizer, are at record highs,” Buis said.
NFU has previously urged the president to halt deposits to the Strategic Petroleum Reserve, which currently holds more than $80 billion worth of oil. The organization has also urged the president to open the oil reserve to help alleviate gas prices, which would have a positive economic impact for consumers.