Energy Secretary Defends Filling Petroleum Reserve

[Dover]

Energy Secretary Defends Filling Petroleum Reserve
by David Ivanovich
Houston Chronicle
Friday, November 09, 2007


Oil prices are approaching what U.S. Energy Secretary Samuel Bodman calls "the once-unimaginable" $100 level.

Gas prices are hovering above $3 a gallon on average nationwide, and the United States is calling on the OPEC countries to crank up production because of tight supplies.

But conditions haven't prompted the Bush administration to rethink its strategy of squirreling away oil in the nation's Strategic Petroleum Reserve.

"We plan to continue to fill the reserve at a modest rate," Bodman said Thursday.

The Energy Department has signed contracts with Shell Trading Co., Sunoco Logistics and BP North America to deliver 12.3 million barrels of oil over a six-month period to the nation's emergency stockpile....>

http://www.rigzone.com/news/article.asp?a_id=52707

[Turbineguy]

1. I seem to recall posting

that the only (if not best) thing Bush did was buy oil into the reserve at $55 per barrel.