According to CNN. The Bush administration will release oil from federal petroleum reserve to help refiners affected by Hurricane Katrina, Energy Secretary Samuel Bodman said Wednesday.
The move, which was expected later in the day, is designed to give refineries a temporary supply of crude oil to take the place of interrupted shipments from tankers or offshore oil platforms affected by the storm.
The U.S. Minerals Management Service said Tuesday that 95 percent of the Gulf of Mexico's oil output was out of service. Oil prices surged back above $70 in European markets on Wednesday but slipped quickly to $69.56 after disclosure of the decision involving the release of supplies from the Strategic Petroleum Reserve. Eight refineries were shut down due to Katrina -- half of them producing gasoline.
The government's emergency petroleum stockpile -- nearly 700 million barrels of oil stored in underground salt caverns along the Texas and Louisiana Gulf Coast -- was established to cushion oil markets during energy disruptions.
It probably wont lower the price of gasoline, but it may prevent it form going higher for the time being.... Way to go George.....
2 comments:
The whole place is under water or ruined. I have not been there. It was on my list.
HAHA.... It is called off topic BUFFOONS. Diversifying from the good word that is being done and spread by George.
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