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Bush oil reserve plan sparks price surge
President George W. Bush triggered the biggest one-day jump in oil prices in 16 months on Tuesday when he set out plans in his State of the Union address to double US strategic oil reserves.
He didn't trigger it, prices rose because traders bought oil futures. But trust the MSM to blame Bush first.
Oil prices rose 4.7 per cent to $55 a barrel after Mr Bush pledged to double the size of the reserves by 1.5bn barrels by 2027. Sam Bodman, energy secretary, said his department would start “purchasing crude oil in the spring at a rate of about 100,000 barrels per day”.

The speech marked Mr Bush’s strongest effort yet to slow the growth of greenhouse gases with a plan to cut US demand for petrol by 20 per cent over the next 10 years by raising fuel-economy standards and setting targets for a shift to alternative fuels. “The plan will confront climate change by stopping the projected growth of carbon dioxide emissions from cars, light trucks and SUVs within 10 years,” a White House document said.

In an echo of last year’s speech, when the president memorably warned that America was “addicted to oil”, Mr Bush said: “For too long, our nation has been dependent on foreign oil. And this dependence leaves us more vulnerable to hostile regimes, and to terrorists – who could cause huge disruptions of oil shipments.”

Mr Bush defended his strategy. “Many in this chamber understand that America must not fail in Iraq – because you understand that the consequences of failure would be grievous and far-reaching.”
Posted by: Steve White 2007-01-25
http://www.rantburg.com/poparticle.php?ID=178668