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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Think4Yourself who wrote (51854)	9/24/1999 9:23:00 PM
From: Think4Yourself	Read Replies (1) \| Respond to of 95453

U.S. Energy Department Rejects Proposal to Sell Oil Reserves Washington, Sept. 24 (Bloomberg) -- The U.S. Department of Energy rejected a proposal to sell some of the nation's Strategic Petroleum Reserve as a way to rein in crude oil prices that have more than doubled this year. Such a sale ``is not needed at this time,' because supplies of home heating oil are adequate to keep prices within the normal range, said department spokesman Tom Welch. The decision came a day after Energy Secretary Bill Richardson said the DOE was ``seriously considering' a suggestion from Senator Charles Schumer, a New York Democrat, that the government sell ``several hundred thousand barrels a day' of oil from the reserve. Schumer on Tuesday sent letters to Richardson and President Bill Clinton asking the administration to order the sales to offset production cutbacks by the Organization of Petroleum Exporting Countries that helped send crude oil to more than $24 a barrel from about $10 in December. Schumer said OPEC's policy ``will have a severely detrimental effect on the U.S. economy in the coming months.' The government set up the stockpile to provide an emergency supply of oil in the event of a crisis. It currently holds 576 million barrels of oil -- equal to about two months of imports --according to the Energy Department.