Progress Illinois

As the cost of a gallon of gas approaches $4.00, Rep. Bill Foster has come out in support of a measure to cut costs at the pump over the summer.

Foster announced on Friday that he is co-sponsoring House Resolution 5473, which would halt the delivery of oil to the U.S strategic oil reserve for the rest of the year. According to the Democratic Caucus, the Bush administration is "currently buying 70,000 barrels of oil per day at current prices" to put into reserve. If that oil was allowed into the market, it would increase supply and lower the cost of a gallon of gas by as much as 25 cents, said Foster. The Beacon News has more details:

Supplying the reserves could resume sooner if oil drops below $50 per barrel, he said. But that price hit another all-time high Friday, topping $116 a barrel.

Foster is among at least 25 cosponsors on the legislation, which is sitting in a House subcommittee. He called it a "short-term fix," pointing to more efficient vehicles as the ultimate goal.

Illinois Reps. Rahm Emanuel and Jan Schakowsky are also among the bill's co-sponsors.

Proponents say that greater availability of oil would not only drive down the cost of gasoline, but also take a bite out of exploding food costs that are linked to oil prices. The U.S. Strategic Reserve is currently filled to 96 percent capacity. If the bill passed, it would not be the fist time the government stopped contributing to the reserve. In 2006, the Bush administration suspended deposits to drive down the cost of fuel. Keep in mind that back then the price of oil was about $75-per-barrel.