January 20th, 2023 by WCBC Radio

Congressman David Trone (MD-06), alongside House Energy and Commerce Committee Ranking Member Frank Pallone and other Members of Congress, reintroduced the Buy Low and Sell High Act, legislation that creates an Economic Petroleum Reserve designed to help continue the current trend of falling gasoline prices and save money for American taxpayers by empowering the Department of Energy (DOE) to buy oil when prices are low and sell oil when prices are high.

 

“For nearly a year, Americans have suffered from Putin’s unprovoked war in Ukraine. We need to establish long-term strategies to keep these conflicts away from our local economies and protect Americans’ wallets,” said Congressman David Trone. “This legislation will do just that by providing the Executive Branch with the authority to think smarter about our energy sources and make our country more resilient against market manipulation by other countries.”

 

After the Organization of Petroleum Exporting Countries (OPEC) oil embargo of 1973-1974, Congress created the Strategic Petroleum Reserve (SPR) to insulate Americans from global oil supply disruptions. While the Administration has successfully used the SPR to lower gas prices – which have fallen more than $1.37 per gallon since its high in June of 2022 – Trone believes new authorities are needed to ensure that OPEC and Russia cannot continue to manipulate global oil prices to harm the American economy and its consumers.