WASHINGTON (AP) - The Energy Department says it has canceled oil
shipments into the Strategic Petroleum Reserve beginning in July
when the current purchase contract expires.
The move came days after Congress passed legislation requiring
the president to suspend the shipment into the reserve in hopes of
lowering gasoline prices.
The Energy Department said it will not sign contracts for new
shipments of 76,000 barrels of oil a day for the six-month period
beginning July 1. President Bush had opposed halting the shipments,
arguing that such a relatively small amount of oil would not
influence prices. Current shipments will continue. The reserve is
97 percent full, holding 701 million barrels of crude.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
To comment, the following rules must be followed:
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to email@example.com. Please provide detailed information.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.