Originally published November 27 2005
Bush promises to pass legislation for more oil refineries
by Mike Adams, the Health Ranger, NaturalNews Editor
To help relieve the current oil crisis, President Bush has promised oil companies he will work with Congress to pass legislation to enable the building of more refineries.
"We need more supply of gasoline for the sake of our consumers and for the sake of our economy," Bush said during an address to the Economic Club of Washington, Reuters reported.
"I'm going to work with Congress to pass a bill that makes it easier for current refineries to expand and encourages the construction of new refineries," the news agency quoted him as saying.
Oil prices traded lower most of the session but moved off their lows after a government report showed supplies of distillates dropped far more than expected last week but the overall crude stockpile was more than twice the forecast.
The Energy Information Administration said supplies of distillates -- which include diesel fuel and heating oil -- fell 1.6 million barrels for the week ending October 21.
Analysts had predicted a drop of 800,000 barrels, according to Reuters.
Demand continued to run below last year's levels, with demand for gasoline down two percent, distillate demand down 1.4 percent and demand for jet fuel down 4.9 percent.
Refined products including heating fuel, diesel and gasoline have been watched closely in the aftermath of Hurricanes Katrina and Rita.
The storms closed several refineries along the Gulf Coast last month and resulted in a 25 percent loss of refining capacity, according to Reuters.
Conditions were favorable for the slow development of another storm in the southwest Caribbean, the U.S. National Hurricane Center said Wednesday.
Oil price have come down almost $10 since August 31, when crude reached a record trading high of $70.85 immediately after Hurricane Katrina.
But supply fears have kept oil above $60 since then, and some economists fear high energy prices will soon result in increased inflation, a slowing economy, or both.
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