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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: stan_hughes who wrote (5034)	11/13/2001 12:03:47 PM
From: russet	Respond to of 206223

http://quote.bloomberg.com/fgcgi.cgi?ptitle=Energy%20News&s1=blk&tp=ad_topright_energy&refer=topsum&T=markets_bfgcgi_content99.ht&s2=blk&bt=ad_position1_energy&middle=ad_frame2_energy&s=AO.FE7xRSQnVzaCBT 11/13 11:06 Bush Says U.S. to Fill Oil Reserve to 700 Mln Barrels (Update2) By Liz Skinner, David Morris and Holly Rosenkrantz Washington, Nov. 13 (Bloomberg) -- The U.S. will fill its Strategic Petroleum Reserve to its 700 million-barrel capacity, adding about 100 million barrels, to protect the nation against oil supply disruptions, said President George W. Bush. ``Our current oil inventories, and those of our allies who hold strategic stocks, are sufficient to meet any potential near- term disruption in supplies,'' Bush said in a statement. ``Filling the SPR up to capacity will strengthen the long-term energy security of the United States.'' U.S. Energy Secretary Spencer Abraham said there's no timetable for adding oil to the reserve. He said the U.S. will first try to speed delivery of the 48 million barrels due from oil companies through the end of 2003. Then the U.S. will add oil, about 100 million barrels, by accepting oil in lieu of royalty payments from companies drilling off the U.S. coast, he said. The U.S. decision to boost the reserve comes as the Organization of Petroleum Exporting Countries is meeting to decide whether it will cut production to bolster prices. OPEC President Chakib Khelil has said the group, which pumps a third of the world's oil, has agreed to cut oil output by 4 percent. The U.S. has about 545 million barrels in the reserve, which was created to ensure the nation has enough oil to ride out supply disruptions. That amount equals about 60 days of U.S. imports or 27 days of the nation's total oil consumption. Reserve oil, stored in underground salt caverns along the coast of the Gulf of Mexico in Louisiana and Texas, can be released by the president for supply emergencies. Last year when oil futures soared to a 10-year high in New York, the Clinton administration released 30 million barrels of reserves to provide refiners more oil to make heating fuel for the winter. Crude oil rose 3.1 percent after the announcement. Crude oil for December deliver rose as much as 65 cents, to $21.88 a barrel on the New York Mercantile Exchange. Prices are down 37 percent from a year ago, when oil was rising toward a 10-year high of about $36 a barrel.