Jan 10, 2008 5:50 pm US/Central
Senators: Cease Filling Strategic Oil Reserves
WASHINGTON (AP) ―
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The senators say that with oil prices reaching $100 a barrel, the government shouldn't take oil off the market when additional supplies could ease prices. (File)
CBS
Four senators are urging the Department of Energy to temporarily stop filling the nation's Strategic Petroleum Reserve.
Maine Republican Senator Susan Collins made the case in a letter to Energy Secretary Samuel Bodman. The letter was also signed by Senators Norm Coleman of Minnesota, Joe Lieberman of Connecticut, and Carl Levin of Michigan. Coleman is a Republican, Lieberman is independent, and Levin is a Democrat.
The senators say that with oil prices reaching $100 a barrel, the government shouldn't take oil off the market when additional supplies could ease prices.
Energy Department spokeswoman Megan Barnett says the amount of oil going into the reserve is less than one-tenth of 1 percent of the daily global oil consumption.
The White House said last week it would not release oil from the Strategic Petroleum Reserve to drive down prices.
In early November, the Reserve contained 694 million barrels of oil. Its capacity is over 720 million barrels.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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