Bush plan will put oil reserves on hold to target rising fuel costs

| 4/25/2006

President Bush has announced a plan to help the country deal with the rising cost of fuel.

The first part of that plan involves deferring summer deposits to the Strategic Oil Reserve, thus putting that oil back into the market, according to a speech Bush made Tuesday, April 25.

CNN reported that the deposits are relatively small compared to the nation’s daily consumption, but Bush, speaking at the Renewable Fuels Association in Washington, DC, said “every little bit helps.”

The plan also calls for promoting fuel efficiency, boosting the U.S. fuel supply, and investing in alternative fuels.

In addition, Bush has asked the Department of Energy and the Department of Justice to open inquiries into possible cheating in the gasoline markets.

Bush said consumers must be treated fairly at the fuel pumps, CNN reported.

“Americans understand by and large that the price of crude oil is going up and that (fuel) prices are going up,” he said. “But what they don’t want and will not accept is manipulation of the market. And neither will I.”

Meanwhile, ProMiles reported a national average price for diesel of $2.907 per gallon on April 25, up more than a penny from the previous day.