Congressional Democrats want the United States to tap into the Strategic Petroleum Reserve to help bring down oil prices, U.S. Sen. Patty Murray said Saturday.

Murray said during the Democrats' weekly radio address that with gasoline prices reaching new highs, it is time to use the emergency reserves and urge oil companies to drill on leased federal lands.

We believe it's time for the oil companies to use that land and to make sure that it stays in America instead of shipping it to the highest bidder overseas, Murray said.

Democrats also think it is time to tap into the Strategic Petroleum Reserve. Right now we have more than 700 million barrels of oil sitting underground in Texas and Louisiana that can be used in times of emergency.

Murray also called for increased regulation of energy trading, which she contends is being affected by speculators seeking to profit from rising oil prices.

Democrats, she said, believe we must rein in Wall Street and traders who are unfairly driving up oil prices.

With regard for nothing but their own profits, some traders are bidding up oil prices by buying huge quantities of oil just to resell at an even higher price, she said.

Bookmark this news