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TUESDAY, OCTOBER 30, 2001 President Bush is expected to approve a Department of Energy proposal that will put 70 million more barrels of oil into the nation's Strategic Petroleum Reserve. The proposal would require companies who drill on Gulf of Mexico and federal lands to contribute oil to the reserve instead of paying the government a royalty rate. About 70 milion barrels are expected out of the action, bringing the reserve to its capacity of 700 million barrles. By taking about 100,000 barrels a day off the market, economist say oil prices, which are currently dropping, could be stabilized. Get the Story:
President Expected To Boost Oil Reserve (AP 10/30)
Bush planning on oil reserve increase
Facebook TwitterTUESDAY, OCTOBER 30, 2001 President Bush is expected to approve a Department of Energy proposal that will put 70 million more barrels of oil into the nation's Strategic Petroleum Reserve. The proposal would require companies who drill on Gulf of Mexico and federal lands to contribute oil to the reserve instead of paying the government a royalty rate. About 70 milion barrels are expected out of the action, bringing the reserve to its capacity of 700 million barrles. By taking about 100,000 barrels a day off the market, economist say oil prices, which are currently dropping, could be stabilized. Get the Story:
President Expected To Boost Oil Reserve (AP 10/30)
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