Gregg, Sununu urge Bush to stop deposits into oil reserve

U.S. Senators Judd Gregg (R-Rye) and John Sununu (R-Waterville Valley) have written a letter to President Bush urging the president to suspend deposits into the Strategic Petroleum Reserve.

The New Hampshire senators joined 13 other Republican U.S. Senators in arguing that the move would help reduce oil prices.

"It makes no sense for the Federal Government to be adding to its record reserves when oil prices are $120 per barrel. Stopping these purchases would relieve some pressure on both global demand and the price at the pump," Sununu said in a statement.

Gregg joined in the call for a temporary halt in filling the oil reserve.

"Although it's just a small step in the right direction, temporarily halting deposits into SPR will help signal to the markets that the United States is serious about bringing down gas prices.  As we head into the busy summer driving season, I will continue to work with my Senate colleagues to advance energy policies which benefit consumers' checkbooks while also protecting the environment," Gregg said in a statement.

Sununu also said the government should suspend federal taxes on gasoline to help Americans afford summer vacations.

"While these efforts would relieve the growing pressure on consumers, Congress must continue to work to reduce dependence on foreign oil and encourage development in advanced alternative energy," he said.