Senate Rejects Bush Policy of Boosting Oil Reserve

WASHINGTON -- The U.S. Senate voted overwhelmingly on Tuesday to stop adding oil to the Strategic Petroleum Reserve until crude prices fall below $75 a barrel, repudiating the Bush administration's policy of boosting the stockpile at a time of record fuel costs. The Senate voted 97 to 1 to suspend oil deliveries to the emergency oil reserve, after most Republicans abandoned the president on the issue. The plan was tacked on to a flood insurance reform bill that passed 92 to 6, enough to override a presidential veto. "Instead of hiding barrels of oil in the nearly full Strategic Petroleum Reserve, we want to put them on the market to increase supply and lower prices," said Senate Majority Leader Harry Reid.
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Posted by Editor at May 14, 2008 05:24 AM