Thursday October 05, 2006

US to delay buying emergency oil through winter

peakoil.com -> money.cnn.com :

The Energy Department said it will hold off buying replacement oil for the nation's emergency petroleum stockpile through the winter heating season in order to keep more supplies on the market. The department needs to replace some 11 million barrels of crude oil that it sold last year from the stockpile for $600 million to oil companies that needed help after Hurricane Katrina disrupted petroleum supplies.

The reserve now holds about 688 million barrels of oil at four underground storage sites in Texas and Louisiana. That is equal to about 56 days of U.S. petroleum imports. The emergency stockpile was created by the Congress in the mid 1970s after the Arab oil embargo.

(2006-10-05 21:45:40 SGT) [Energy] Permalink

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