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President won't manipulate oil market except in emergency
.... Like when Goldman Sachs or Morgan Chase are caught short?
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By the Associated Press
via Yahoo News
Wednesday, January 2, 2007
http://news.yahoo.com/s/ap/20080102/ap_on_bi_ge/bush_oil_prices_2
WASHINGTON -- The White House on Wednesday ruled out a release of fuel from the nation's oil reserves to drive down soaring prices.
"This president would not use the (Strategic Petroleum Reserve) to manipulate (prices) unless there was a true emergency," said White House press secretary Dana Perino. "Right now we understand that prices are high and demand is extremely high."
She said Bush was focused on ways to increase oil supply in the United States.
"Doing a temporary release of the SPRO (strategic reserve) is not going to change prices very much," she said. "We know that from past experience."
Oil prices soared to $100 a barrel Wednesday for the first time ever.
As of early November 2007, the Strategic Petroleum Reserve, a system of salt caverns along the Louisiana and Texas coast, contained 694 million barrels of oil to be used in a supply emergency. The government is working to fill it to its 727 million barrel capacity.
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