While stopping short of actually tapping the reserves, Bush ordered a temporary halt to any further deposits — a move that will slightly increase supply available to consumers.
Dow Jones reports that the move would free up about 70,000 barrels a day otherwise destined for the reserve in the coming weeks.
By my calculations, that’s about one third of one percent of the total U.S. consumption of about 20 million barrels a day — anyone want to call that a drop in the bucket?
NewMexiKen is so excited at the President’s move that I’m going out for a drive.
The President went out for a ride too. Via Froomkin:
Julie Mason of the Houston Chronicle notes in her pool report: “President Bush rode a 14-vehicle motorcade there and back to the Marriott Wardman to talk to the Renewable Fuels Association about energy conservation and other topics. En route, the motorcade passed the Exxon station next to the Watergate, where gas prices were $3.29, $3.39 and $3.49 a gallon. Just saying.”
Oh, and the President ordered a temporary suspension of environmental rules for gasoline. How temporary one wonders?