In response to bipartisan action by the New Direction Congress, President Bush has signed our legislation — which he previously opposed — to temporarily suspend filling the Strategic Petroleum Reserve. Last week, in response to passage of our legislation, the Bush Administration agreed to stop wasting taxpayer money by putting 70,000 barrels of oil each day into the Strategic Petroleum Reserve.
The President suspended purchases in 2006, agreeing that 'every little bit helps.' As the price of oil per barrel nears $130, suspending purchases will expand oil supplies and help bring down fuel costs for consumers.
Later this week, the House will act on legislation that will extend and expand tax incentives to invest in renewable energy and create the green jobs of the future, and today approve new legislation to hold OPEC and oil companies accountable for oil price fixing.