Word: bbl
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...question is not whether the oil release is a pander but whether the pander is a good one or bad one--an effective policy that also wins votes or just a hollow gesture. The answer depends on whether this is a true oil emergency--and whether 30 million bbl. will help solve...
...President responded. He seized on an obscure part of a bipartisan deficit-reduction bill and spun it as a relief measure for motorists. On a campaign trip to Florida, a state he had lost in 1992, the President announced that he had ordered the sale of 12 million bbl. from the SPR because the "rise in the price of gasoline...affects the take-home pay of working people who have to commute...
...cutting production, "they'd wipe out any impact from releasing oil from that reserve." Gore now argues that circumstances have changed. The OPEC nations, he said last week, "pledged to increase oil production, and they have not." But the Clinton Administration says OPEC is now producing 3.5 million bbl. a day more than it did last March...
...refineries spent the summer making gasoline, because doing so ensured high profits. They didn't refine much heating oil because they didn't want to be stuck with large, high-cost inventories if the price dropped before winter. That didn't happen. Crude oil now costs about $10 per bbl. more than it did a year ago, and the domestic heating-oil supply remains dangerously low. So Gore found himself embracing a solution he didn't trust seven months...
Most experts say tapping the reserve is likely to drive down the price of oil--which is determined as much by speculation as by supply--in the short term. (By the end of last week the price had already dropped to $32.65 per bbl., from $37.20 last Wednesday.) The tax credits should help lower the price of heating oil this winter, and the low-income funds will ease the burden on some families...