Bush suspends strategic oil buildup

#1
Via Reuters....

Apr. 25 - U.S. President George W. Bush said he will direct the U.S. Energy Department to temporarily halt deliveries of oil to a strategic reserve.

In a speech before the Renewable Fuels Association in Washington, the President said that this will get more oil in the market and help reduce rising gasoline prices.

The Strategic Petroleum Reserve is an emergency stockpile of oil. A senior administration official said that Bush will not direct any tapping of the strategic reserve.
 
#2
Good piece from the BBC's Matt Frei here

http://news.bbc.co.uk/1/hi/world/americas/4944926.stm

Washington diary: The price at the pump

Petrol is the new indispensable staple and the three-dollar gallon is to America what the over-priced potato once was to Ireland.

It is causing a torrent of suffering and heartache.

Bewailed in country songs and popular ballads, it is forcing ordinary people to do extraordinary things - like car pooling, riding the bike to work, selling their second SUV, or doing a "walk-thru" at their local burger joint instead of a "drive-thru".

It is even forcing a former oilman from a family of oilmen to wax lyrical about ethanol.

Yes, George W Bush, the self confessed oil addict-in-chief, who was suckled on Four-Star Texaco, can't stop talking about renewable fuels like ethanol, prairie grass and cow manure.

Unfortunately he does so with the same faltering enthusiasm that a former smoker enthuses about nicotine patches - or, for that matter a former alcoholic about alcohol-free lager and wine gums.

The passion is lacking.
Leave no pooch unscrewed...
 
#3
Sounds like robbing Peter to pay Paul.

At some time, he will need to build up the strategic reserve again, and in the current climate i can't see prices going down in the near future, so i guess he is going to find it hard to keep the reserve up to scratch.
 

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