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To: CommanderCricket who wrote (99738)	4/24/2008 12:04:18 PM
From: Broken_Clock	Read Replies (1) of 206182

House speaker calls on Bush to stop stocking oil Thu Apr 24, 2008 11:40am EDT WASHINGTON (Reuters) - The Speaker of the House of Representatives on Thursday called on the White House to temporarily stop sending crude oil into the nation's emergency stockpile. House Speaker Nancy Pelosi told reporters that she was calling on President George W. Bush to work with Democrats to find a way to "temporarily suspend" oil deliveries to the Strategic Petroleum Reserve. The White House has resisted calls to stop SPR deliveries, saying they have a minimal effect on prices and are a necessary buffer against supply disruptions. Pelosi said suspending deliveries would save drivers 5 to 24 cents per gallon for gasoline at the pump. The average retail price of the motor fuel hit a record $3.56 a gallon on Thursday, according to travel group AAA's daily survey of up to 100,000 service stations. As U.S. benchmark crude oil prices hit a record near $120 a barrel this week, the Bush administration insisted that reserve-filling efforts account for less than one-tenth of 1 percent of daily supply, and have no meaningful effect on prices. The nearly 701 million barrels of crude oil stocked away in underground salt caverns in Louisiana and Texas are meant as a supply buffer in case of major supply disruptions like the 2005 hurricanes that plowed into the Gulf Coast oil patch. The SPR was created by Congress in 1975 after the Arab oil embargo during the Yom Kippur War in 1973. Current shipments come to about 70,000 barrels per day, while the United States uses about 21 million barrels of oil a day. Democrats in the U.S. Senate are also pursuing legislation that would require the Energy Department to suspend shipments to the reserve if prices are too high. (Reporting by Richard Cowan; Editing by John Picinich) © Thomson Reuters 2008 All rights reserved

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