Democratic Underground - Reuters: Bush adding more oil to U.S. petroleum reserve

Reply #13: Reuters: Bush adding more oil to U.S. petroleum reserve [View All]

Snazzy

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Fri Aug-06-04 10:59 AM
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13. Reuters: Bush adding more oil to U.S. petroleum reserve

Bush adding more oil to U.S. petroleum reserve
Reuters News Service

WASHINGTON - The Bush administration said today it is adding more oil to the U.S. emergency petroleum reserve, despite record high crude prices and strong oil demand.

The U.S. Interior Department said it awarded contracts to ChevronTexaco Corp. and Royal Dutch/Shell Group's Shell Oil to deliver more than 100,000 barrels of crude a day to the nation's Strategic Petroleum Reserve.

The oil will be delivered over a six-month period beginning on Oct. 1 and concluding next March 31.

The Bush administration has been criticized by energy experts and some politicians for taking oil off the market to put in the reserve at times of high fuel prices and strong petroleum demand.

....

http://www.chron.com/cs/CDA/ssistory.mpl/business/energy/2722562

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Reply #13: Reuters: Bush adding more oil to U.S. petroleum reserve [View All]