The buying power of the SPR is a key driver of oil futures, with recent concerns helping contribute to recent highs.

According to Abraham, “We have achieved the reserve’s highest inventory level ever, now at 650 million barrels, [and] the Department of Energy will fill the reserve to its 700-million-barrel capacity.” It is believed that this target will be achieved by sometime next year.

Testifying before the House Energy and Commerce Committee, Abraham added, “The high inventory [is thanks] to [the] Bush administration energy initiatives, [which] plans to continue to fill the Strategic Petroleum Reserve, despite OPEC production cuts.”

In reply to calls by Massachusetts Senator John Kerry and Committee chairman Rep. Joe Barton to suspend the filling-up process in the light of possible increases that would occur on the back of the OPEC production and to help ease pump prices, Abraham replied, “The reserve should be used only in the event of supply disruptions, not to lower gas prices.”