House, Senate Votes To Stop Filling Petroleum Reserve To Combat Oil Price Rise

Washington, DC (AHN) - The House and Senate on Tuesday voted to stop filling the Strategic Petroleum Reserve temporarily. The move was taken to douse public anger at rising oil and gasoline prices.

President Bush had earlier threatened to veto the measure. However, the measure got passed with overwhelming support - 97-1 in the Senate and 385-25 in the House.

Following the measure, President Bush's aides said that he is still against the bill although he will not veto it but reexamine it.

President Bush said, "We'll look at that. I have analyzed the issue, and I don't think it would affect price. The purchases for SPR account for one-tenth of one per cent of global demand."

Byron Dorgan, D-N.D., chief sponsor of the measure told the San Francisco Chronicle, "We are buying the most expensive crude oil in the history of the world and storing it. When American consumers are burning at the stake by high energy prices, the government ought not to be carrying the wood."

Many Republicans have opposed the measure in the past but said they showed support in response to the rising oil prices.

Democrat Harry Reid, Senate majority leader said, "instead of hiding barrels of oil in the nearly full strategic Petroleum Reserve, we want to put them on the market to increase supply and lower prices. It is a good first step, but with oil and gas prices continuing to break record highs every day, much more needs to be done," reports The Washington Times.