Congress moving toward oil reserve moratorium

| 5/13/2008

In a January letter to President Bush, OOIDA President and CEO Jim Johnston proposed a temporary moratorium on putting more oil into the nation’s Strategic Petroleum Reserve. The reserve is nearly full now and Johnston said the practice increases fuel prices and reduces the oil available for production of diesel and gas.

That proposal may become a reality – but not because the White House agreed to it. In fact, President Bush has threatened to veto any legislation that would impose a moratorium.

According to Congressional Quarterly, White House spokeswoman Dana Perino said Monday, May 12, that President Bush still opposes the move and in fact wants to expand the size of the reserve.

However, according to OOIDA’s Washington, DC, staff, Congress was expected to vote as early as today in favor of a moratorium and may have the votes to override a veto.

– By Reed Black, staff writer