Posted on 09/28/2004 4:39:17 PM PDT by housewife101
WASHINGTON (CBS.MW) -- ConocoPhillips will receive 1.5 million barrels of sweet crude from the U.S. Strategic Petroleum Reserve to offset supply disruptions caused by Hurricane Ivan, the Energy Department said in a statement on its Web site.
This brings the total amount of oil taken from the reserve in the past week and a half to 3.2 million barrels, earmarked to help refineries in hurricane-hit areas.
The Energy Department said it will send three shipments of 500,000 barrels to ConocoPhillips' (COP: news, chart, profile) Freeport tanks over the next three weeks for further distribution to a Louisiana facility.
A ConocoPhillips spokeswoman confirmed that the company will receive the oil, but was baffled by the department's Freeport reference.
The spokeswoman said the oil company's Belle Chasse refinery south of New Orleans was the facility most impacted by the hurricane.
ConocoPhillips is the third company to receive oil from the reserve. The Energy Department announced last week it would send 1.4 million barrels to Shell Trading, a division of Royal Dutch/Shell Group (RD: news, chart, profile) and 300,000 barrels to Placid Refining.
The reserve currently holds approximately 670 million barrels of oil in a series of four underground caverns located along the coast of the Gulf of Mexico, according to the government. The SPR is expected to reach its full capacity, 700 million barrels, in 2005.
The Energy Department said in a previous statement that all oil released to refineries will be considered a "short-term loan."
PS.Notice the paragraphs...thankyou...:-)
I remember when the Democrats were demanding we open up the oil reserves during the 2002 election because gas prices were going up (and they saw an election issue) - can you imagine???? That is how they handle crisis.
THIS is how you are SUPPOSED to handle crisis.
Oh, of course, makes perfect sense now! :-}
They had three hurricanes, and rumors were going around about rationing (gee, wonder who started those rumors), so everyone filled up.
People also need gas to leave, and they can't leave if there are no supplies.
Well, it didn't make a bit of difference then in the gas prices. So I was wondering if it would this time(if that was the motive) or if it is standard practice to do so after a natural disaster damages oil company properties.
No, it wouldn't make a difference in the gas prices - however, it makes a difference in supply, which would be critical.
I don't know if anyone can dig it up but when Gore/Clinton freed up strategic reserves they funneled them through some democrat cronies who profited handsomely. I think they were African American if that helps.
More here!
So we're still filling it up
We're still on war footing after all.
Yep, I remember that now, but have no idea where to find the story. A better researcher than I will have to undertake the task.
http://www.townhall.com/columnists/brucebartlett/bb2000927.shtml
It was one of those blatent democrat malfeasances that were ignored by the press while W's ostensible cocaine use in 1960 was all the rage.
Clinton = MSM = body politik = loss of income (taxes) = loss of rights (2A, states, private property, speech, etc.) = radical egalitarianism = radical individualism = collectivism = destruction of traditional religion = a nation without a conscience = total eradication of the individual = the Boston Tea Party.
Got to go.
I think these are loans. Not sure.
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