An open letter to the U.S. Congress

Open the SPR to help stabilize the economy!

1 so far! Help us get to 5 signers!

This is the ideal time to open the Strategic Petroleum Reserve system, to refill it at negative prices, and build an asset which can be beneficial in both the short and long term. Beneficial in that it can help prevent the collapse of the oil industry (which would come back to bite us VERY hard after we are released from COVID isolation), AND the assets garnered now can be resold later at a profit for the US Treasury. This is nearly identical to the actions that the Federal Reserve took to remove toxic debt instruments from the financial system, stabilizing the banking sector, and enabling repackaging of those debt instruments for profitable resale, returning $100B/yr to the Treasury for several years, all at a profit. Please push for opening the SPR system to help absorb excess DOMESTIC oil production, but insure that we get the product at the best prices for the Treasury, not the oil companies.

▶ Created on April 21, 2020 by Richard

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