President Bush is being criticized for his handling of the emerging political issue of fuel costs, not only from Democrats but also from administration allies in the oil-refining and chemical industries, The Washington Post reported.
Half a dozen Senate Democrats reportedly called on Bush May 18 to begin releasing as many as 60 million barrels of oil from the nation's Strategic Petroleum Reserve. Such a move would inject supplies into a market choked by OPEC’s policy of holding tight on supply at a time when demand from China and India is increasing.
The group is expected to say Bush should at least stop shipping about 170,000 barrels a day to the Louisiana salt caves that hold the emergency supply. The reserve currently holds nearly 660 million barrels, a record. The administration intends to keep filling it until it reaches its 700 million-barrel capacity, Energy Department spokeswoman Jeanne Lopato told The Post.
"Our policy ... has been clear for a long time," Treasury Secretary John W. Snow said. Oil will be released only for "genuine emergencies," not price fluctuation, he added.