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Strategies & Market Trends : MDA - Market Direction Analysis

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To: yard_man who wrote (38627)	1/30/2000 5:19:00 PM
From: Haim R. Branisteanu	Read Replies (1) of 99985

US seeks to swap stockpiled oil with energy firms WASHINGTON, Jan 30 (Reuters) - The U.S. Energy Department is seeking to put millions of barrels of crude oil from the national Strategic Petroleum Reserve (SPR) on the market through an oil swap with energy companies, a department official said on Sunday. While the long-term goal of the plan is to eventually put more oil back into the reserve, a short-term side effect of the additional supplies from the proposed swap could be to lower crude oil prices, which have recently hit nine-year highs,the official said. The emergency reserve was created by Congress in the mid-1970s following the Arab oil embargo. The stockpile holds 567 million barrels of oil in underground salt caverns in Texas and Louisiana. biz.yahoo.com

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