Word: spr
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...threat of war in Iraq and this year's cold winter, add another culprit: the Administration's oil policies. That's the charge in a new Senate report produced by Democrat Carl Levin of Michigan. After 9/11, Bush developed a plan to fill the Strategic Petroleum Reserve (SPR), a 700 million--bbl. store meant to sustain the U.S. in an emergency. Last year 40 million bbl. were added to the SPR. The report states those purchases drove up prices by adding to the demand for oil. An independent analyst says that had the Administration not acted, oil would be selling...
...allowed to flow into Western markets since 1996. Or if the Organization of Petroleum Exporting Countries makes good on threats to rein in crude-oil supplies in 2001. The Clinton Administration's decision last September to release some 30 million bbl. of oil from the U.S. Strategic Petroleum Reserve (SPR) did little to cool the crude market, and since then Middle East turmoil and strong global demand have kept traders on edge. At the same time, global refining capacity is strained to the limit. "When you have a market this tight, it's vulnerable to disruption," warns Daniel Yergin, chairman...
...depleted inventories and high worldwide demand, along with forecasts of a colder than average winter, are expected to boost prices even higher. Last week 111 members of Congress--Democrats and Republicans, mostly from the Northeast and the Midwest--sent a letter to Clinton asking him to deploy the SPR. To dramatize the problem Friday, Gore held an event in Pittsburgh that featured a number of people battered by rising oil prices, including an elderly woman named Annie Young who said she didn't know how she was going to pay for heating oil since she already couldn...
Sound familiar? Maybe SPR stands for Strategic Political Reserve. Clinton used it to inoculate himself against Dole. And Gore has used it to inoculate himself against Bush, who for months has been hammering Clinton-Gore for having no coherent energy policy. But unlike the one in 1996, this year's release was not something that fell into the Democrats' lap. It was debated for months--and initially Gore and Clinton were opposed...
...later the President dispatched Richardson to Los Angeles to brief Prince Saud al-Faisal, the Saudi Foreign Minister. It couldn't have been a surprise to Clinton when Gore called him from the campaign trail last Tuesday and said he was going to come out in favor of an SPR release. Clinton was happy to let Gore propose the idea first so the Vice President could get a tactical boost just as Bush seemed to be regaining his balance...