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Bush Administration to Continue Filling Petroleum Reserve with Costly Oil.
Knight Ridder/Tribune Business News, April, 2004
By James Bernstein, Newsday, Melville, N.Y. Knight Ridder/Tribune Business News
Apr. 2--Against protests from bipartisan legislators hoping to ease gas prices, U.S. Energy Secretary Spencer Abraham yesterday said the Bush administration plans to continue to fill the Strategic Petroleum Reserve, despite OPEC production cuts announced this week.
In testimony before the House Energy and Commerce Committee, Abraham said the Department of Energy will fill the reserve -- the nation's emergency stockpile -- to its 700-million-barrel capacity. A spokesman said later that the department hoped to have the reserve filled by sometime next year.
"We have achieved the reserve's highest inventory level ever, now at 650 million barrels," Abraham said...
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