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Written by Chris J. Magyar
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Tuesday, 15 July 2008 |
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A day after President George W. Bush verbally lifted a ban on offshore drilling for oil, a move largely symbolic unless Congress lifts the legal ban, some Congressional representatives including Sam Farr called for a drawdown on the Strategic Oil Reserve, a move that is solely within the executive branch’s jurisdiction. Arguing that depleting the reserve would have a more immediate effect on gas prices, Congressman Farr’s office also pointed out that such drawdowns were made before the First Gulf War, during a temporary price rise in 2000, and by Bush himself in 2005. The reserve holds 700 million barrels.
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