WASHINGTON, May 14: The US Congress has voted overwhelmingly to prevent further rise in oil prices, ordering the government to stop depositing oil in a national reserve.

The Senate voted 97 to 1 on Tuesday to stop putting 70,000 barrels of oil a day in the Strategic Petroleum Reserve through the remainder of this year.

The House of Representatives later approved a similar bill by a 385 to 25 vote.

The move aims at bringing down the price by forcing more oil into the market. Speaker Nancy Pelosi said the measure could cause the prices to drop by 5 to 24 cents a gallon.

The White House strongly resisted the move, saying that it would have only a modest impact on the price while create security and market risks. National reserves guard against future supply disruptions. However, a White House spokesman told journalists that despite his reservations, President George W. Bush would not veto the bill.

In both the chambers, the Republicans also voted en masse for the measure, ignoring pleas from their own administration not to do so.

Political analysts noted that the public pressure is forcing politicians to take some action to bring down oil prices.

They noted that a White House veto in an election year could badly hurt the Republican Party, already criticised for leading America to an un-winnable war in Iraq.

Similarly, the lawmakers realise that the price hike has badly hurt their constituents, particularly those from lower and middle income American families.

President Bush, who no more has to run for an office, is urging consumers to change their habits if they want to bring down the gas prices.

“The truth of the matter is that in order for there to be a substantial change either the consumers have to change their habits -- which we’re encouraging through alternative tax of automobiles -- or there has to be an increase of supply,” he said in a recent interview.

Republican lawmakers have proposed investment in alternative energy as a long-term solution to the oil crisis.

The Democrats plan to present their own energy plan within weeks, which calls for new taxes on oil company profits to pay for alternative energy investment.

But the Republicans strongly oppose new taxes and can prevent its passage.

Some lawmakers -- both from Republican and Democratic parties -- have proposed reining in speculation in the oil markets, noting that speculative sales drive the prices up.

But Senate majority leader Harry Reid opposes the move.

A group of Democratic senators also sought to put pressure on Saudi Arabia. They are urging the kingdom to increase its oil production or face the possibility of the Congress blocking a pending arms deal.

Opinion

Respite needed

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All one can fear is a familiar accounting exercise that aims to extract a few more rupees from a narrow, weary economic base.

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