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Gold/Mining/Energy : Gold Price Monitor
GDXJ 106.70-0.3%Dec 5 4:00 PM EST
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To: Richard Humphrey who wrote (32416)2/25/2000 4:48:00 PM
From: long-gone  Read Replies (3) of 116796
 
Bet this was based more on geography:
Friday February 25, 2:45 pm Eastern Time
US senators ask Clinton to swap SPR oil with firms
WASHINGTON, Feb 25 (Reuters) - A bi-partisan group of eleven U.S. senators urged President Clinton to ``swap' crude oil from the nation's Strategic Petroleum Reserve with energy firms to lower heating oil and diesel fuel prices.

The White House is already reviewing such a proposal put forward by the Energy Department.

Under the department's plan, millions of barrels of reserve oil would be loaned to energy companies that would then sell the crude in the open market. The firms would replace the oil once prices fall.

The additional supplies would help push down prices for heating oil, diesel fuel and gasoline that have recently hit nine-year highs.

``We are deeply concerned that these drastic oil price increases could have an devastating impact on the economy,' the senators said in a letter to Clinton on Thursday.

``Accordingly, we urge you to consider an oil 'swap,' releasing oil from the Strategic Petroleum Reserve and replacing it with higher volumes of less expensive crude oil at a specified data months later,' the senators said.

Earlier this month, industry sources said the DOE had consulted with Deutsche Bank to develop a program based on the fact that huge premiums now being paid for crude over prices for delivery in months ahead gave Washington the opportunity to lend crude from the SPR and receive larger volumes back at a future date at no cost.(cont)
biz.yahoo.com
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