Is It Time To Tap U.S. Oil Reserves?

Energy Secretary Tells Congress Dipping Into Strategic Reserve Won’t Reduce High Gas Prices

(CBS/AP) With gas hitting a new high almost daily, some members of Congress pleaded with the energy secretary to release the nation’s 700 million barrel emergency stockpile, reports CBS News correspondent Nancy Cordes.

His response – that’s not what it’s for.


“The strategic petroleum reserve is meant to be there as a protection for the American people,” said Energy Secretary Samuel Bodman.

“The American people right now are being tipped upside down at the pumps and having money taken out of their pockets,” responded Rep. Edward Markey, D-Mass.

CBS