Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: pz who wrote (21842)	5/11/1998 8:20:00 PM
From: pz	Read Replies (1) of 95453

This should make us proud of our leaders....LOL. I would hope this would be a no-brainer. WASHINGTON, May 11 (Reuters) - As expected, the White House officially notified the Department of Energy on Monday that it could cancel a $207.5 million oil sale from the Strategic Petroleum Reserve. "We have stopped the sale and scored a victory for American taxpayers who stood to lose $175 million or more by selling oil at less than half the price we paid for it," U.S. Energy Secretary Federico Pena said in a statement. Under an emergency spending bill passed by Congress last month, DOE was allowed to forgo the oil sale that had been previously mandated by lawmakers to raise money to cover the reserve's operating costs. However, the price of oil subsequently dropped, and if the sale had gone through taxpayers would have lost millions of dollars. The government maintains the reserve as a buffer against oil supply disruptions. The reserve currently holds 563 million barrels, but the scheduled sale could have lowered the inventory to less than 542 million barrels, its lowest stocks since 1987, according to the DOE.

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