Joined: 03 Jul 2007 Posts: 4393
Location: Just North of a hurricane votes: 3
Posted: Thu Oct 25, 2007 3:13 am Post subject: Oil Reserves Scrutinized
This is a good question. What ya think?
Lawmakers and oil analysts want to know why the Bush administration, at a time of sky-high oil prices, insists on pumping 50,000 barrels a day of some of the world's most desirable crude into salt caverns in Texas and Louisiana.
The question centers on the country's huge Strategic Petroleum Reserve, which now holds 694 million barrels, or enough to replace 69 days of U.S. crude imports. Critics of the Energy Department argue the administration could ease concerns over lofty prices simply by not pumping additional oil into the reserve and putting the extra barrels on the market instead.
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