Statement on Signing the Bill Extending Title I of the Energy Policy and Conservation Act

S. 694, which I signed into law today, extends until April 1, 1990, the authorization for the Nation's Strategic Petroleum Reserve (SPR). The bill also requires the Secretary of Energy to study alternative financing arrangements for expanding the SPR to a level of one billion barrels.

Although I would have preferred a simple 5 - year extension of the SPR authority, I believe that this bill represents an acceptable compromise. It provides for the uninterrupted operation of the SPR, which is important to our Nation's energy security. It also allows sufficient time for the Administration to complete an interagency study of the SPR's size. A study of both the SPR size and alternative financing arrangements is necessary if we are to make an informed decision on the Strategic Petroleum Reserve.

George Bush

The White House,

June 30, 1989.