Pennacchio questions plan to halt oil reserve shipments

Florham Park, NJ (May 14, 2008) – US Senate candidate and State Senator “Jersey Joe” Pennacchio questioned Congress’ plan to temporarily halt oil reserve shipments.

Yesterday the Senate and House voted to suspend shipments to the oil reserve for the rest of the year. Presently, the votes mean nothing because the two versions need to be reconciled before final approval.

State Senator Pennacchio said, “I have to agree with Rep. Joe Barton, this is ‘feel-good’ legislation.”

“A better idea was already proposed by Senator McCain,” Pennacchio continued. “Suspend the federal gas tax for the summer. Suspending the 18.4 cent federal gas tax would lead to prices low enough that drivers could measure the savings in dollars rather than cents.”

Speaking of the votes Senate Majority Leader Harry Reid said, “We cannot produce our way out of the problems we have.”

Pennacchio said, “Mr. Reid is wrong. Of course we can ease gas prices by producing more oil. We can drill in ANWR, but only if it is tied to research and development to end our need for foreign oil. We can use the in-place tar sands oil resources in Utah that are estimated at 12 to 19 billion barrels. We can tap our 250 plus years worth of coal reserves for coal gasification to produce clean energy. There is plenty we can do but it all must be part of an overall plan to achieve energy independence. Stopping the government from purchasing one-tenth of one percent of daily global oil production will do little to save motorists money at the pump.”

Joe Pennacchio is a New Jersey State Senator representing the 26th Legislative District.

Visit www.jerseyjoe08.com for more information on State Senator Joe Pennacchio's candidacy for the United States Senate.

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Paid for by Joe Pennacchio for US Senate, Inc., PO Box 12, Florham Park, NJ 07932