Quote Originally Posted by EJ
"A day after U.S. President George W. Bush announced plans to double U.S. oil reserves in his Jan. 23 State of the Union address, oil prices rose 4.7 percent to $55 a barrel, the biggest jump in 16 months. Bush pledged to increase the size of the reserves by 1.5 billion barrels by 2027 and to rely more heavily on ethanol as part of a broader goal to help reduce gasoline consumption by up to 20 percent by 2017."

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Good point, Bush proving once again that his claim to fortune was being the only oil man in Texas not to hit oil. Once again Bush is taking oil and putting it back in the ground, that's good business for the oil business. Certainly helps the Federal Reserve as well.