US to tap oil reserve if storm batters oil-rich Gulf of Mexico

0 Comments | AFP, August, 2008

WASHINGTON (AFP) — US officials are prepared to tap the government's strategic oil reserve if a storm damages oil installations in the Gulf of Mexico, a Department of Energy spokeswoman said Friday.

"We're standing ready to use every available authority to provide supplies of energy in the event of a disruption," spokeswoman Bethany Shively told AFP.

"The Strategic Petroleum Reserve is a key safeguard that we have to provide protection for the American people during the event of a severe disruption of oil supply," she said.

The reserve currently holds an emergency supply of 707 million barrels of crude oil, she said.

President George W. Bush rejected suggestions the government should dip into the strategic reserve in July to help ease record-high...