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Bush asked to release supplies from national oil reserve

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.

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