US Oil Shipments To Strategic Petroleum Reserve Canceled

By: Associated Press
By: Associated Press

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.)

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