Starting this week, the US will halt deposits of oil into the Strategic Petroleum Reserve in an effort to boost world supplies and hopefully bring down oil prices.

The plan was approved by Congress in May, when oil prices were at a then-record of $125/barrel.

Obviously the world markets weren't that impressed, given that oil was over $140/barrel last week.

So, instead of pumping 70,000 barrels of oil a day into the US reserves, the oil will stay on the market.  Backers say those extra supplies should help influence world markets and maybe push prices down.

But not everyone is so sure.

Government experts have told Congress - at most - the plan might bring down gasoline prices by 3 to 5 cents per gallon.

Democrats though are trumpeting the effort, trying to argue they are doing what they can to get record energy prices under control.

"We haven't seen the impact of those actions yet," said House Speaker Nancy Pelosi last week.  She argues the reserves plan will "increase supply and put the brakes on record gas prices."

The White House signed onto the plan only after it became apparent that Congress would override any Presidential veto.

President Bush in the past had expressed skepticism that halting deposits into the Strategic Petroleum Reserves would have any impact, given that it represents only a very small portion of world oil demand.

"(O)n a cost-benefit analysis, I don't think you get any benefits," Bush said earlier this year.

But with oil and gas prices on the way up into record territory, lawmakers and the Administration grabbed onto the plan in hopes that it would provide even a small amount of relief.

We'll see whether it has any effect in coming days and weeks.