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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Jagfan who wrote (202226)	11/13/2001 11:40:12 AM
From: jlallen	Respond to of 769670

A close second..... JLA

To: Jagfan who wrote (202226)	11/13/2001 1:08:39 PM
From: goldworldnet	Respond to of 769670

Bush Says U.S. to Fill Oil Reserve to 700 Million Barrels 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. quote.bloomberg.com Bush Orders More Oil to Stockpile Tuesday November 13 11:09 AM ET WASHINGTON (AP) - President Bush ordered the government Tuesday to boost its emergency stockpile of oil by millions of barrels to ``strengthen the long-term energy security of the United States.'' The Strategic Oil Reserve, which currently has 544 million barrels of oil, is to be filled ``in a deliberate and cost-effective manner'' up to its full capacity of 700 million barrels, Bush said in a statement. With oil prices declining, the Energy Department last month recommended funneling additional crude into the government's Strategic Petroleum Reserve, a string of salt caverns along the Gulf Coast at the Texas-Louisiana border. An additional 48 million barrels is expected to be put into the reserve by the end of next year under existing arrangements. Under Bush's order to Energy Secretary Spencer Abraham, most - if not all - of the oil will be provided by oil companies in lieu of federal royalty payments. Abraham denied that potential terrorism or the military strikes in Afghanistan were factors in Bush's decision, saying administration officials noticed the reserve was substantially lower than it was eight years ago and wanted to restore it as a precaution. ``There's not any linkage to any kind of specific disruption threat, but we think it's a wise policy,'' Abraham said. Private economists have said the move, in addition to boosting emergency reserves, will signal U.S. intentions to help stabilize world oil prices at a time when OPEC producers - including Saudi Arabia - have been worried about the sharp drop in global demand. Congress created the Strategic Petroleum Reserve in 1975 as a response to the 1973 OPEC oil embargo. The U.S. reserve as it stands now is enough to make up for the loss of 54 days of imports. ``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. dailynews.yahoo.com * * *