Congressional update: Oil reserves will not be tapped

Story by The Associated Press

9:26 a.m. Friday, July 25, 2008

Democratic efforts to release 70 million barrels of emergency stockpiles of oil has failed.

Democrats hoped the extra oil would have helped lower gas prices right away.

Just how would forcing the Energy Department to release that oil have affected the stockpile?

70 million barrels is about a three-day supply of oil in the U.S.

Currently, the Strategic Petroleum Reserve holds 700 million barrels of oil.

Releasing those 70 million barrels would leave 630 million barrels in the reverse. That's a 27 day supply.

Democratic leaders said releasing the three day supply would have meant immediate relief at the pump - just as releases did in 1991, 2000 and 2005.

The bill won a clear 268-157 majority Thursday. But it still lost because Democratic leaders brought up the bill under terms requiring a two-thirds vote to pass.


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