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OIL's SOLUTIONS * USA - Senators swiftly counter plan to beef up Strategic Petroleum Reserve
In an attempt to counter record fuel prices, a bill introduced in the Senate seeks to limit the amount of oil diverted to the U.S. Strategic Petroleum Reserve
Washington,DC,USA -Land Line Magazine -February 7, 2008: -- ... The introduction of the bill by Sen. Byron Dorgan, D-ND, comes hot on the heels of a Department of Energy recommendation to beef up the reserve in its 2009 budget request... If passed into law, the bill would direct the energy secretary to temporarily stop putting more than 50,000 barrels of oil a day in the Strategic Petroleum Reserve when crude oil prices are at record levels... This isn’t the first time limiting contributions to the reserve has been suggested. In fact, Jim Johnston, president of the Owner-Operator Independent Drivers Association, encouraged doing just that in a Jan. 30 letter to President Bush... Johnston called on President Bush to stop putting oil into the nation’s Strategic Petroleum Reserve until fuel prices ease... Johnston also called on the president to use his influence to try to stop the export of American diesel and biodiesel to other countries, noting that every drop of biodiesel is subsidized by U.S. taxpayers...
Labels: oil prices
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