This was just posted on The Wall Street Journal On-Line. You need a subscription to view so I'll paste a bit of the article.
"WASHINGTON -- Energy Secretary Samuel W. Bodman said Wednesday the Bush administration has decided to release oil from federal petroleum reserves to help refiners affected by Hurricane Katrina.
'In a word. It is going to be done,' Mr. Bodman said during a CNBC interview."
This, obviously, is in response to Hurricane Katrina and her aftermath. It's bad enough the US is about to face one of the worst energy crises since the 1970's. Katrina rubbed salt into the wound.
However, don't expect gas or heating oil prices to subside anytime soon. The release seems more like a Band-Aid (tm) on a gaping wound over a compound fracture.