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: Bilberry who wrote (36811)	2/4/1999 6:28:00 PM
From: upanddown	Read Replies (1) of 95453

Is the following news about the strategic reserve going to impact oil prices when it happens? In addition, the Energy Department is expected to unveil a plan later this month for filling the nation's Strategic Petroleum Reserve with oil. Sure would, IF it happens. There are currently 330M barrels on oil in storage and that heavy inventory is definitely impacting prices. There are 109M barrels of unused storage in the reserve. Taking that much oil off the market would have a very positive effect. I do believe it requires congressional approval and we need to remember that 80 - 90% of members of Congress come from states without significant oil and gas production so it is hardly a done deal. It should have a good chance since many patch Republicans are in leadership positions....and then there is the surplus burning a hole in their pocket. John

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