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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Think4Yourself who wrote (82575)12/24/2000 9:37:29 AM
From: Think4Yourself  Read Replies (2) of 95453
 
Release of Heating Oil From U.S. Reserves Urged, Reuters Says
By Daniel Goldstein

Washington, Dec. 23 (Bloomberg) -- More than 100 members of Congress urged President Bill Clinton earlier this week to release heating oil from an emergency reserve in the Northeast and to provide $300 million in federal funds to help poor families pay their heating bills, Reuters news agency reported.

The letter sent by mostly Democratic lawmakers on Thursday said heating oil stocks in the Northeast are dangerously low and that low income families will have a hard time paying their fuel bills this winter, Reuters said. Lawmakers urged President Clinton to act before President-elect George W. Bush takes over on Jan. 20, because they fear the Republican may refuse to release supplies from the 2 million barrel reserve, the newswire said.

``If this release is to have any positive impact on increasing heating oil supply and providing relief to heating oil consumers, it must be done during your administration,'' the lawmakers wrote Clinton earlier this week, Reuters said.

The heating oil supply was established by the Clinton administration earlier this year and was approved by Congress to counter higher heating oil costs in the Northeast, Reuters said.

In September, Clinton authorized the release of 30 million barrels of oil from the nation's 571-million barrel Strategic Petroleum Reserve to increase supply and cut prices before the cold weather months began.
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