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Friday, 29 August, 2008, 18:20 GMT | more prices >>

SPR to get $584m crude injection



By Upstream staff 

The Bush administration said today the US Energy Department would spend $584 million by the end of September to buy millions of barrels of crude oil to add to the US Strategic Petroleum Reserve.

The money comes from the roughly 11 million barrels of oil the government sold to refiners in autumn 2005 to help offset the disruption in petroleum supplies caused by Hurricane Katrina. The department would get fewer replacement barrels now, because oil prices are much higher.

In its new government 2009 budget, the White House said the Energy Department would use those funds in the current spending year, which ends on 30 September this year, to continue filling the reserve to its current capacity of 727 million barrels, which would be reached in the following budget year.

The White House is then proposing to expand the stockpile to 1.5 billion barrels.


Monday, 04 February, 2008, 15:17 GMT  | last updated: Monday, 04 February, 2008, 15:19 GMT

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