It wouldn’t be the first time that the Strategic Petroleum Reserve would be tapped in, in order to stabilize oil markets and lower the gas prices. It was used in 1991 before the Gulf War, then again in 2000 when President Clinton was concerned about possible shortages in heating oil, and finally in 2005 in the aftermath of hurricanes Katrina and Ruth.

The government reserve is 97 percent full and its 702 million barrels of oil could replace two months of exports, lower the gas prices and stabilize the oil markets. Currently a barrel of oil costs $137 and doesn’t seem to stop any time soon.

Pelosi said that “action is needed ‘to assist consumers and strengthen the economy.’”

Bush keeps rejecting all calls concerning the government reserve, but under Congress pressure and direction, he “reluctantly” agreed to stop, temporarily, shipments to the emergency reserve in the amount of 70,000 barrels of oil a day.

PELOSI WANTS TO USE THE EMERGENCY OIL RESERVE
By H. Joseph Hebert (A.P. 7/9/08)
Abstract By Johana Nadler
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