U.S. president orders temporary stop of strategic oil reserve increase

U.S. President George W. Bush on Tuesday ordered a temporary halt to any increases of the strategic petroleum reserve (SPR) in a bid to lower soaring gasoline prices in the country.

Bush said the U.S. strategic petroleum reserve had enough fuel to guard against any major supply disruption over the next few months.

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

At present, the U.S. government's strategic petroleum reserve totaled about 700 million barrels.

President Bush made the decision at a time when the world oil prices are hovering at about 75 dollars a barrel and average U.S. gasoline price is nearing 3 dollars a gallon.

Source: Xinhua