strategic petroleum reserve

This is one way to bring some sanity back to the price of oil, and I’m glad to see that not only is Obama backing this bi-partisan push to put some limits on out of control speculation, but also calling for tougher restrictions on market forces that aren’t doing anything to help out consumers…

President Bush signed Monday a bill that temporarily stops the collection of oil for the U.S. Strategic Petroleum Reserve.

Sponsors of the bill hope the freed up oil will lower energy prices.

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When gas prices go up, Congress tries to do what it can to make them go back down. The Senate votes Tuesday on two measures.

Proposals from Democrats and Republicans would stop the federal government's practice of adding 70,000 barrels of oil a day to the Strategic Petroleum Reserve.

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As part of their plan to tame record oil prices, lawmakers are urging the President to stop putting oil in the nation's Strategic Petroleum Reserve.

But some analysts say that won't do much to lower gas prices.

The Energy Department said Friday it would continue putting oil into the Strategic Petroleum Reserve even as crude oil prices remain above $100 a barrel.

Reuters - Democrat Barack Obama would take an active role in U.S.