Rep. Hoyer skeptical on tapping petroleum reserve

Hoyer told an audience at an event sponsored by Third Way, a left-of-center think tank, that unlike in the 1970s, the market now is being driven by demand from emerging powers like China and India. These market entrants make tapping the SPR less effective on prices, he argued.

Hoyer’s position puts him at odds with liberals in his own party. Last Wednesday, Reps. Edward MarkeyEdward (Ed) John MarkeyDemocrats search for 51st net neutrality vote Overnight Regulation: Dems claim 50 votes in Senate to block net neutrality repeal | Consumer bureau takes first step to revising payday lending rule | Trump wants to loosen rules on bank loans | Pentagon, FDA to speed up military drug approvals Dems say they have 50 votes in Senate to overrule net neutrality repeal MORE (D-Mass.), Rosa DeLauro (D-Conn.) and Peter WelchPeter Francis WelchClinton mulls role in 2018 midterms Trump talks tough but little action seen on drug prices Frustrated with Trump, Dems introduce drug pricing bill MORE (D-Vt.) wrote to the White House asking that the SPR be tapped.

The minority leader said that discussions on SPR are under way and that he does agree rising gas prices are threatening the economy. He said that the bottom line is that in the short term, it is “very difficult” for Congress to do anything about gas prices.