Clinton says he might tap into SPR.......again

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Let's see.........this is about the 3rd or 4th time this administration has touted this.....I guess they think these statements will keep the price of crude from continue to rise....Also, we have Energy Secratary Richardson playing bad cop stating "we should not do anything to influence the markets!"......then we had this same administration saying (last Friday) that we might want to think about easing the sanctions on IRAQ (now...it wouldn't be because we need their oil?).

SHEESH!!!!!!

http://www.washingtonpost.com/wp-srv/aponline/20000229/aponline135939_000.htm

EXIT 316

-- Exit 316 (exit316@kc-primary.net), February 29, 2000

Answers

Clinton would never lie to the american people. LOL

-- David Whitelaw (Dande53484@aol.com), February 29, 2000.

Who cares?! Just like Clintoon to be 'too little, too early'.

-- bz (beezee@statesville.net), February 29, 2000.

If he does tap in, and the OPEC countries don't increase production, then we've used up our reserve...and become all the more vulnerable! Good thinking...

-- Mad Monk (madmonk@hawaiian.net), February 29, 2000.

Am I dreaming, or did I read somewhere that the SPR is primarily for the military? I know Klinton is anti-military but he wouldn't go that far would he? I am sure someone here can correct me.

-- canthappen (n@ysayer.com), February 29, 2000.

I think he will tap into it, he's tapped just about everything else, right?

-- Been Had (beentapped@staineddress.com), February 29, 2000.


BC-U.S. COULD RELEASE SPR OIL BEFORE OPEC MEETS

WIRE:03/01/2000 13:33:00 ET
Link

WASHINGTON (Reuters) - The White House does not have to wait until OPEC meets March 27 before deciding whether to release oil from the nation's Strategic Petroleum Reserve through swaps with energy companies, Energy Secretary Bill Richardson said on Wednesday.

"We don't have to wait to decide on anything," Richardson told reporters, referring to the Energy Department's oil loan proposal. "There is no time limit." Under the Energy Department proposal, oil from the 570-billion-barrel stockpile would be loaned or swapped with energy companies, who would then sell it on the market to increase supplies and ease prices. The companies would have to replace the crude later this year with more barrels of oil, presumably when prices are lower.

Under U.S. law, oil from the stockpile can be sold only in response to a severe supply disruption.

Richardson refused to comment on news reports that Saudi Arabia, Venezuela and Mexico would agree on Thursday to recommend that OPEC increase its output by 1.2 million barrels per day beginning in April.

"I don't want to speculate on what they might do," he said, speaking to reporters after nearly three hours of testimony before the House International Relations committee on OPEC policy. "We'll see what happens."

He said during the hearing that world oil production was about two million barrels a day short of demand levels.

In his testimony, Richardson said he expected OPEC would vote to increase oil production at its March 27 meeting. "The key will be the level and timing of that increase," he said.

Copyright )2000 ABC News Internet Ventures



-- Possible Impact (posim@hotmail.com), March 01, 2000.

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