Bush authorizes oil release from Strategic Petroleum Reserve
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Thursday, September 1, 2005
Yesterday, President George W. Bush authorized the release of oil from the Strategic Petroleum Reserve due to Hurricane Katrina's effects on oil refineries in the Gulf Coast.
The decision was made late Tuesday and announcement was made Wednesday.
The Strategic Petroleum Reserve consists of 700 million barrels of oil located in salt caverns along the Texas and Louisiana coast. The Strategic Petroleum Reserve is meant to act as a cushion for the oil market during disruptions of energy.
Energy production was interuppted by Katrina as more than 735 oil and natural gas rigs had to be evacuated. This shut down 95 percent of crude production and 88 percent of natural gas output in the Gulf of Mexico.
Related news
[edit]- "Oil prices fall as reserves are released" — Wikinews, February 2, 2005
Sources
[edit]- "US to release oil from Strategic Petroleum Reserve" — Agence France-Presse, August 31, 2005
- "Administration Reportedly Will Tap Strategic Petroleum Reserve" — New York Times, August 31, 2005
- Tom Raum. "Bush Hints at Possible Higher Gas Prices" — Washington Post, September 1, 2005
- "US to tap Strategic Petroleum Reserve-Energy Secy" — Reuters, August 31, 2005
- "Bush says US govt will release crude from stockpile" — The Star (Malaysia), September 2, 2005
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