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Sunday, 20 July, 2008, 02:50 GMT | more prices >>

Senate takes closer look at SPR



By Upstream staff 

A US Senate panel is to review how the government uses the Strategic Petroleum Reserve following criticism of the current administration’s plan to fill the reserve at a time of record oil prices, according to reports.

The Department of Energy is currently planning to divert 125,000 barrels a day of crude oil from the open market during May to September, despite oil prices hitting new nominal highs in the past week, a report published in the Wall Street Journal said.

May alone would see the diversion of over 4 million barrels of oil, the biggest injection into the stockpile since May 2005.

Last week, energy committee chairman Senator Jeff Bingaman said that after oil prices peaked at more than $100 a barrel, the SPR needed to be managed "in a more sophisticated way".

The moves are part of the Bush administration's strategy to fill the SPR to its 727 million barrel capacity by the end of this year.

The reserve currently holds 698.6 million barrels of crude in underground salt caverns along the Gulf Coast.


Monday, 25 February, 2008, 09:38 GMT  | last updated: Monday, 25 February, 2008, 09:49 GMT

Reserve stash: US administration plans to add 175,000 barrels a day to SPR
 

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