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Bush suspends deposits into US strategic oil reserves

AFP
WASHINGTON
Petroleumworld.com 04 26 06

US President George W. Bush on Tuesday announced the suspension for several months of deposits into America's strategic oil reserves, in a bid to free up gasoline for US consumers and help drive down soaring prices at the pump.

"One immediate way we can signal to people we're serious about increasing supply is to stop making purchases or deposits to the strategic supply for a short time," Bush said in a wide-ranging speech on strategies to combat skyrocketing fuel prices.

"The strategic reserve is large enough to guard against any major supply disruption over the next few months," the US president said.

"By deferring deposits until the fall, we'll leave a little more oil on the market. Every little bit helps," said Bush.




AFP 04 25 06 1444 GMT

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