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Friday, May 16, 2008
Energy Department Cancels Oil Shipments to Strategic Petroleum Reserve
Associated Press
WASHINGTON--The U.S. Energy Department says it has canceled oil shipments into the Strategic Petroleum Reserve beginning in July when the current purchase contract expires.
The move came days after Congress passed legislation requiring the president to suspend the shipment into the reserve in hopes of lowering gasoline prices.
The Energy Department said Friday it will not sign contracts for new shipments of 76,000 barrels of oil a day for the six-month period beginning July 1.
President George W. Bush had opposed halting the shipments, arguing that such a relatively small amount of oil would not influence prices. Current shipments will continue. The reserve is 97 percent full, holding 701 million barrels of crude.
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