Well, the cynical (leftie) side will say "yes, Bush will sell off the SPR so he can refill it at inflated prices to help his oil buddies like he did when he filled it up at the beginning of his presidency"... but we have to recall that Clinton dumped "emergency" assets to help his re-election--even more than was used for the Gulf War!
Still, the refinery capacity is what bottlenecks, and there are many other complexities that explain that (like why we haven't built any more refineries!)
Here's your reply to the lefties regarding the SPR: the Federal government doesn't pay cash for the oil that goes into the SPR. The oil is delivered to the SPR by Chevron Corp. as payment for some large oil leases. So when oil prices go up, there is no budgetary impact on the Feds because no cash is paid for the oil. This is one case where the Feds actually made a smart move that saves the taxpayers money.