4-25-06 - President Bush says "every little bit helps" to ease the tight oil supply. He's ordered a temporary halt of deposits to the American strategic petroleum reserve.
In a speech to the Renewable Fuels Association in Washington, Bush said the move will "leave a little more oil on the market." He says this will help free up oil for consumer needs and help mellow high prices at the gas station. Bush also says he's easing environmental standards governing fuel grades.
For more long-term strategies to deal with oil dependence, Bush points to corn-based ethanol, bio-diesel, hybrid cars and other renewable energy options. The president says America's oil dependence has caused "National security issues."
Oil prices are falling as traders react to steps announced by President Bush aimed at providing some relief from high fuel costs. As the Bush speech wrapped up in Washington, futures prices for both gasoline and crude oil were pulling back.
Light sweet crude for June delivery was down as much as $0.53 to $72.80 per barrel. Crude traded above $7500 per barrel last week.