Bush will not tap reserves, despite $100 barrel oil - KLTV.com - Tyler, Longview, Jacksonville |ETX News

1/2/08, Washington

Bush will not tap reserves, despite $100 barrel oil

Oil prices soared to $100 per barrel today for the first time.

The White House today ruled out a release of fuel from the nation's oil reserves to drive down soaring prices. As of early November, the Strategic Petroleum Reserve -- a system of salt caverns along the Louisiana and Texas coast -- had 694 million barrels of oil.

The government is working to fill it to its 727 million barrel capacity. Press secretary Dana Perino says President Bush won't use the Strategic Petroleum Reserve to manipulate prices unless there's a true emergency.

She says Bush is focused on ways to increase oil supply in the United States.

 

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