Bush Grudgingly Signs Oil Bill

Despite Strong Congressional Support, President Says Halting Reserve Purchases Is Bad Idea

(AP)  President George Bush on Monday signed a bill that forces his administration to temporarily stop acquiring oil for its emergency stockpile, even though an aide said the president considers it a bad idea that won't lower fuel costs.

"The president is not going to stand in their way on this bill," said deputy press secretary Scott Stanzel of Congress' overwhelming vote for the measure. Mr. Bush signed the measure without comment.

In a bipartisan rebuke, the Senate last week voted 97-1 and the House 385-25 for the legislation, margins suggesting that a veto could be easily overridden.

Earlier, the president and White House officials had spoken out strongly against the measure, although there wasn't a specific threat to veto it.

"He remains against it," Stanzel said. So why is he signing it? "I think he saw the overwhelming numbers of members of Congress who want to attempt to have an impact on prices by stopping the fill of the Strategic Petroleum Reserve."

"Congress keeps ... going from Band-Aid to Band-Aid that they think will have an impact but really won't," Stanzel said.

Sponsors of the bill said they hoped to lower energy prices. But the administration said the amount of oil involved was relatively small and would have no effect on gas prices.

The reserve, a system of salt caverns on the Louisiana and Texas Gulf coast, is 97 percent full, holding 701 million barrels of crude. The stockpile, currently sufficient to cover two months of oil imports, is kept as a cushion in case of a major disruption of oil supplies.

Not waiting for the bill to be enacted, the administration on Friday suspended oil deliveries into the reserve for the rest of the year.

The Energy Department said it would not sign six-month contracts, scheduled to have begun July 1, for the acceptance of 76,000 barrels of oil a day. The department also indicated it would defer deliveries under existing contracts once the legislation became law.

[williamfold]

chickens are coming home to roost. greed, excess, materialism. American''s should be proud.

[sjc_1]

If Bush had a real energy policy instead of tax breaks for the oil companies and making sure that they have a high price for their oil to increase profits, we might not be in the mess to begin with.

[bohemianmob]

Any major refinery can process 76,000 barrels in around 6 to 10 hours so this will not have any effect on prices, just another token move by our idiotic congress and senate.

[leftyintexas]

Liberals ??? The 97 senators or the 385 reps who''''d voted for this ??? Which are the liberals ??

Posted by parrot123 at 01:17 PM : May 20, 2008

Since bush took office, there is no such thing as a moderate or even a true conservative. There''s bush and then there''s everyone else who disagrees with him. Those who disagree are called Liberals and Traitors. I call them Patriots.

[frankbowers]

WHEN ARE THE PEOPLE OF AMERICA GOING TO UNDERSTAND THE REASL FACT. IT IS NOT THE AMOUNYT OF OIL OR CRUDE THAT IS HURTING US (AMERICA OR THE WORLD) IT IS THE REFINERIES THAT IS THE PROBLEM, IN THE LATE 70 AND EARLY 80''S THE BIG OIL COMPANIES BOUGHT THE SMALL INDEPENDENT REF. AND CLOSED THEM JUST TO MAKE MORE MONEY BY SQUEEZING THE PUBLIC WITH SHORTAGES, BY REDUCING THE QUANITIES ON HAND OF FINISHED PRODUCT,
ignorance is ignorance AND IT IS THE PUBLIC IGNORANCE public demands the companies rebuild the refineries to refine more we will go on with the shortages and high prices.
Frank Bowers down in Austin, Tx

[forthepeopl1]

SAID THIS 4 DAYS AGO, WHAT A JOKE PAULSON IS...

Treasury Secretary Henry Paulson said Friday that financial markets are "considerably calmer" now than they were two months ago. He predicted the economy will be rebounding by the second half of this year.

In a speech to business executives in Washington, Paulson said the drag from housing, which he characterized as still the biggest risk to the economy, will soon be lessened by nearly $100 billion in economic stimulus payments to U.S. households.

"The fiscal stimulus will provide support to the economy as we weather the housing correction, capital markets turmoil and higher energy and food prices," Paulson said in his prepared remarks.

The economy has been pushed to the brink of a recession by a prolonged housing slump, a credit crisis, soaring energy prices and more than a quarter-million job layoffs over the past four months.

[leftyintexas]

You sound like a communist?
Are you a Obama Supporter?
Posted by obama8years at 04:31 PM : May 20, 2008

Are YOU an idiot? Of course YOU are!

[obama8years]

Blame the gas guzzler SUV drivers and big car drivers. This nation needs to realize gas is not infinite! Americans have had their day of big cars and vehicles. Its time to drive something sensible and not show off vehicles that guzzle gas.

I have news for you who do, you do not look cool.
It is unAmerican to drive one of these guzzlers. Run them off the road. Refuse them service at any gas station.

We should ration gas, only 10 gallons a week per person.
-----------------------------------------
You sound like a communist?
Are you a Obama Supporter?

[forthepeopl1]

PAULSON WAS LOOKING LIKE HE WAS ENJOYING SUC/KING BUSH, WHAT A JOKE.ALL IN CONGRESS, LOOKING AND LAUGHING AT ALL AMERICANS FIGHTING TO STAY ALIVE.THEY LOVE IT..

[cmp271]

Blame the gas guzzler SUV drivers and big car drivers. This nation needs to realize gas is not infinite! Americans have had their day of big cars and vehicles. Its time to drive something sensible and not show off vehicles that guzzle gas.

I have news for you who do, you do not look cool.
It is unAmerican to drive one of these guzzlers. Run them off the road. Refuse them service at any gas station.

We should ration gas, only 10 gallons a week per person.