The press is abuzz over Bush's decision to stop depositing oil in the strategic reserve -- the mere fact that Bush did something has them all twittering. Dan Froomkin took a look at what it actually means. Not much:
While stopping short of actually tapping the reserves, Bush ordered a temporary halt to any further deposits -- a move that will slightly increase supply available to consumers.Bush was being literal when he said "Every little bit helps."
Dow Jones reports that the move would free up about 70,000 barrels a day otherwise destined for the reserve in the coming weeks.
By my calculations, that's about one third of one percent of the total U.S. consumption of about 20 million barrels a day -- anyone want to call that a drop in the bucket?
