By
Associated Press
.
Published: Fri, May 16, 2008 - 12:54 pm
Last Updated: Fri, May 16, 2008 - 1:20 pm
WASHINGTON (AP) - The Energy Department says it has canceled oilshipments into the Strategic Petroleum Reserve beginning in July
when the current purchase contract expires.
The move came days after Congress passed legislation requiring
the president to suspend the shipment into the reserve in hopes of
lowering gasoline prices.
The Energy Department said it will not sign contracts for new
shipments of 76,000 barrels of oil a day for the six-month period
beginning July 1. President Bush had opposed halting the shipments,
arguing that such a relatively small amount of oil would not
influence prices. Current shipments will continue. The reserve is
97 percent full, holding 701 million barrels of crude.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
Gas Prices Continue Decline
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if you want to look at the president for todays gas prices i suggest you go back to clinton who allowed the big oil companies to merge president bush has nothing to do with it and check out who owns enron george soros the owner of the democrat party look to market forcasters not the president for todays gas prices