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Is cheaper gas coming?

Bush Halts Deposits to Oil Reserve

President Bush ordered a temporary halt to deposits to the strategic oil reserves today in an effort to increase availability and reduce prices of gasoline for consumers. It sounds like this plan will continue until fall but wont have any negative impact on the oil reserves which are in place to protect against a sudden shortage of petroleum; in cases of war or natural disaster for example. He also eased federal environmental regulations on fuel production. Those regulations were scheduled to begin requiring refineries to blend ethanol with gasoline to reduce emissions.

The President said, “Our addiction to oil is a matter of national security concerns. After all, today we get about 60 percent of our oil from foreign countries. That's up from 20 years ago, where about 25 percent of our oil came from foreign countries.”

posted by Mrs Hartman @ 4/25/2006 08:59:00 PM