(Pressured) Bush stops putting in oil in reserve, probes price gouging

[ProSense]

(AFX UK Focus) 2006-04-25 18:06 GMT:

Bush stops putting in oil in reserve, probes price gouging - UPDATE 3

Article layout: raw
WASHINGTON (AFX) -- Under pressure to react to soaring gasoline prices, President Bush announced Tuesday that he would stop putting oil into the strategic petroleum reserve and ordered federal regulators to investigate for signs of price gouging in the nation's fuel markets.

Snip...

"Our strategic reserve is sufficiently large enough to guard against any major supply disruption over the next few months. So by deferring deposits until the fall, we'll leave a little more oil on the market," Bush said. "Every little bit helps."

After hitting a record high of $75.17 per barrel on Friday, crude oil futures prices have eased in the past few days to fall below $73 on Tuesday. Oil prices are higher because of strong global demand and worries about possible supply disruptions in Iran, Venezuela and Nigeria.

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"The hypocrisy couldn't be more clear: after continuously rejecting Democratic proposals that would have helped millions of American working families deal with skyrocketing gas prices, President Bush and Republicans in Congress have finally seen the light on the need to address the problem," said Democratic National Committee spokeswoman Karen Finney.

In 2004, Bush rejected calls by Democrats, including Sen. John Kerry, for the government stop filling the reserve. Bush said doing so would leave the nation's energy supply vulnerable to terrorists.

more...

http://www.iii.co.uk/news/?type=afxnews&articleid=5623598&subject=economic&action=article

[ProSense]

1. Bush getting desperate to save GOP seats

Dow, Nasdaq Decline After Economic Data
http://news.yahoo.com/s/ap/20060425/ap_on_bi_st_ma_re/wall_street_24


Oil, Gas Futures Dip on Bush Supply Action
http://news.yahoo.com/s/ap/20060425/ap_on_bi_ge/oil_prices_20

[jean]

2. A bush probe of price gouging will amount to what we see in that picture

of him probing, er, picking his nose. He is ineffective and impotent - carries a pretend cowboy gun and shoots blanks.