Lawmakers want to end oil shipments to US reserve
May 13th, 2008 . by TexasFredWASHINGTON (AP) - Amid daily bipartisan sniping over high gas prices, Democrats and Republicans appear to agree on at least one thing: With oil over $120 a barrel, President Bush ought to stop buying crude for the government emergency reserve. Both the House and Senate are expected to approve, with bipartisan support, legislation Tuesday directing Bush to temporarily halt the shipment of about 70,000 barrels of oil a day to the Strategic Petroleum Reserve.Bush has refused to do so, arguing that this small amount of oil won’t impact prices and that for security reasons he wants to increase the stockpile to its full capacity of 726 million barrels. It now has about 701 million barrels, equal to nearly two months of oil imports.
Lawmakers’ search for a response to high gasoline and oil prices comes as Bush is preparing later this week to travel to Saudi Arabia where he is expected to try to convince the Saudis to increase oil production. So far, Saudi Arabia and other OPEC countries have refused to do so, arguing the high price of oil stems from other factors than a shortage of supply.
Senate Majority Leader Harry Reid, D-Nev., plans to bring up for a vote Tuesday a provision to halt oil shipments to the federal reserve until the end of the year. Senate Republicans said they want shipments halted for six months, but are expected to support the Democratic measure.
The House is taking up a similar provision later in the day that also is expected to get broad support.
By all accounts, the president is standing firm.
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Lawmakers want to end oil shipments to US reserve
Some conspiracy theorists are floating the idea that maybe Bush is tied in with the Saudis and gets an under the table kickback from them for buying their over priced product, maybe he does, maybe he doesn’t, I don’t know and I doubt if I ever will and I am not going to throw accusations out there, especially ones that can’t be backed up and substantiated by fact and not just some theory, but after hearing the report on our local news about this last night, and after hearing the financial and economy people on FOX Business talking about how this could impact the price of gas by actually lowering it by .05 a gallon, well, that may not seem like a lot to Mr. Bush, but he’s not the one that’s having to pay for his gas, we are…
Now I don’t know about you, but a .05 a gallon increase or decrease isn’t going to make or break my personal bank account, but I wouldn’t turn down a decrease, and the economists may be right, a hold on buying oil for the strategic petroleum reserve might very well be a good move, but even if it were the most brilliant business decision ever made, if Bush thinks otherwise, you can forget it, The Decider is not going to change his mind…
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