Senate drills Bush official over oil prices

NEW YORK (CNNMoney.com) -- A Senate panel grilled a key government energy expert Tuesday over why the Bush administration plans to continue adding to the nation's oil reserve as the price of crude spikes near $100 a barrel.

Lawmakers also accused the administration of turning a blind eye to the role that oil speculators are playing in driving up prices.

The Department of Energy is planning to spend nearly $1 billion in 2008 to boost the amount of oil the nation holds in its 750 million barrel Strategic Petroleum Reserve.

http://money.cnn.com/2007/12/11/news/economy/oil_speculation/index.htm?postversion=2007121117