Energy Secretary Defends Filling Petroleum Reserve

[Dover]

Energy Secretary Defends Filling Petroleum Reserve
by David Ivanovich
Houston Chronicle
Friday, November 09, 2007


Oil prices are approaching what U.S. Energy Secretary Samuel Bodman calls "the once-unimaginable" $100 level.

Gas prices are hovering above $3 a gallon on average nationwide, and the United States is calling on the OPEC countries to crank up production because of tight supplies.

But conditions haven't prompted the Bush administration to rethink its strategy of squirreling away oil in the nation's Strategic Petroleum Reserve.

"We plan to continue to fill the reserve at a modest rate," Bodman said Thursday.

The Energy Department has signed contracts with Shell Trading Co., Sunoco Logistics and BP North America to deliver 12.3 million barrels of oil over a six-month period to the nation's emergency stockpile....>

http://www.rigzone.com/news/article.asp?a_id=52707

[DS1]

1. It needs to be filled regardless of price

they just waited until it got to the highest price worth gambling on before doing it.

Yay big government!

[Solar_Power]

2. Why didn't they fill it when crude was $25/barrel?

[shraby]

3. How did it get depleted? They were filling it

about 3 years ago. What emergency has it been used up on?

[Jim Sagle]

4. The "price ain't high enough" emergency.

[shraby]

5. You're absolutely right! I should have thought of

it myself. :rofl:

[pansypoo53219]

6. i guess georgie didn't learns

buy low sell high when he got that ivee leeg edjumication.

[bananas]

7. It didn't get depleted - it got expanded. nt