Looks like Bush is pulling the trigger on the reserve. I'm not sure about this statement though:
"This will help take some pressure off the gas price," Bush said as gasoline prices soared toward $3 a gallon in many parts of the country, surpassing that level in some places.
He isn't releasing the refinery reserve (if there was such a thing) at all. That means he isn't opening some special government owned refinery or something like that. He is merely replacing the oil that would normally be pumped by those shut down rigs out there in the Gulf of Mexico. This move seems like it wouldn't touch prices at all. This however *may* drive prices down a bit hopefully:
While on the plane, Bush took a call from King Abdullah of Saudi Arabia. "The king offered Saudi Arabia's support," said White House spokesman Scott McClellan. The world's biggest crude oil producer, Saudi Arabia has pledged to boost output by 1.5 million barrels a day -- to 11 million -- to replace shortfalls.
Meanwhile, European nations began considering the release of their own government-controlled stockpiles of gasoline and heating oil to help stabilize markets, said officials at the Paris-based International Energy Agency.
This sounds like a good deal for tanker stocks. That released oil has the get to the US somehow and the tanker fleet is the only way.
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