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Archive for Tuesday, May 20, 2008

Bush signs bill halting oil reserve purchases

May 20, 2008

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President 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.

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.

"Congress keeps ... going from Band-Aid to Band-Aid that they think will have an impact but really won't," deputy press secretary Scott 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.

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