2015: Schweikert Voted Against Selling 58 Million Barrels Of Oil From The Strategic Petroleum Reserve (SPR) As Part Of The Bipartisan Budget Act Of 2015. In October 2015, Schweikert voted against selling 58 million barrels of oil from the SPR as part of the Bipartisan Budget Act of 2015. According to Congressional Quarterly, "The measure requires the drawdown and sale of 58 million barrels of oil from the SPR [...] Proceeds from the sale are to be deposited into the general fund of the Treasury in order to reduce the deficit. Sales would be prohibited if doing so would cause the SPR to fail to meet its strategic purpose of preventing and reducing the adverse impacts of severe domestic energy supply interruptions." The measure was part of the Bipartisan Budget Act of 2015, which also "would suspend the debt limit until March 15, 2017 and increase[d] the discretionary spending cap for fiscal 2016 by $50 billion and for fiscal 2017 by $30 billion, with the increases split equally between defense and non-defense spending" among other provisions." The vote was on a motion to concur in the Senate amendment with an amendment. The House agreed to the motion by a vote of 266 to 167. The Senate later passed the bill and the president later signed it into law. [House Vote 579, 10/30/15; Congressional Quarterly, 10/30/15; Congressional Quarterly, 10/27/15; Congressional Actions, H.R. 1314]
SPR Is Intended To Provide The Nation With An Emergency Oil Supply. According to Congressional Quarterly, "The Strategic Petroleum Reserve stores supplies of crude oil in salt caverns in Texas and Louisiana and is intended to provide the nation with an emergency oil supply if commercial imports are disrupted. As of late September, the SPR held more than 695 million barrels of oil. According to the Energy Department, that would provide 137 days of 'import protection' should U.S. imports be stopped (based on 2014 net petroleum imports)." [Congressional Quarterly, 10/27/15]
American Enterprise Institute: CBO Directed To Assume Oil Price Is About Twice The Current Price. According to the American Enterprise Institute, "Republican leaders claim that part of the new spending is "paid for" by selling 58 million barrels of oil from the U.S. Strategic Petroleum Reserve between now and 2025. But when the Congressional Budget Office scored the bill, it was directed to assume that the oil would be sold for $87 per barrel -- which is about twice the current price. According to the U.S. Energy Information Administration, oil won't likely reach that price again until 2026." [American Enterprise Institute, 11/3/15]