05.14.2008
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| Stop Adding Oil to Strategic Petroleum Reserve
Message from Capitol Hill: Stop Adding Oil to Strategic Petroleum Reserve
5/14/08 Quote:
As oil prices hit another new record Tuesday, both the House and Senate sent a message to the White House, saying through their votes that it's time to stop adding oil to the Strategic Petroleum Reserve.
The U.S. Strategic Petroleum Reserve is the largest stockpile of government-owned emergency crude oil in the world. Established in the aftermath of the 1973-74 oil embargo, the SPR provides the President with a powerful response option should a disruption in commercial oil supplies threaten the U.S. economy. As of May 7, the SPR inventory was 702 million barrels, the highest level ever held. The reserve has a capacity of 727 million barrels.
Numerous groups have called for the government to stop putting oil into the reserve and even start drawing oil out in an attempt to bring crude prices back down. However, the Bush administration is opposed to the idea, saying there is no evidence that suspending shipments will affect the price of oil or gasoline in a meaningful way. Instead, the White House wants to increase the reserve, kept in four underground storage sites in Texas and Louisiana, against the possibility of any major supply disruptions.
http://www.truckinginfo.com/news/new...?news_id=60504 | |
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