The Air Transport Association of America has issued a statement in response to the House decision not to release oil from the Strategic Petroleum Reserve (SPR).“We are disappointed with the outcome of the House vote. A staggered release of oil from the Strategic Petroleum Reserve would have both short- and long-term impact on reducing the price of oil,” said ATA President and CEO James C. May. “We sincerely hope that Congress will put aside its partisan differences and agree on a comprehensive package before recessing for the summer.”
May added that the package should include a three-pronged approach: stop excessive speculation in the oil commodities markets, remain focused on environmentally sound supply-side solutions, and immediately begin releasing 10 percent of the SPR. “Congress must act now,” said May.