Democrat urges use of oil stockpile in hurricane - Yahoo! News
Democrat urges use of oil stockpile in hurricane - Yahoo! News
WASHINGTON (Reuters) - Democrat Sen. Charles Schumer (news, bio, voting record) of New York on Monday asked the Bush administration to release oil from the U.S. emergency stockpile to help ease higher prices due to Hurricane Katrina.
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"Skyrocketing gas prices have tipped consumers upside down this summer and to protect our economy, the President should act immediately to tap the Strategic Petroleum Reserve," Schumer said in a statement. "If there was ever a time for the Strategic Petroleum Reserve to be tapped, it would be now."
The U.S. government loaned or "exchanged" some 5 million barrels of crude oil from the stockpile last year following supply disruptions caused by Hurricane Ivan. The stockpile consists of more than 700 million barrels of crude oil stored in underground salt caverns in Louisiana and Texas.
An estimated 633,000 barrels of daily crude oil production, 42 percent of the daily average output from the Gulf Coast, was halted as of Sunday because of Katrina.
WASHINGTON (Reuters) - Democrat Sen. Charles Schumer (news, bio, voting record) of New York on Monday asked the Bush administration to release oil from the U.S. emergency stockpile to help ease higher prices due to Hurricane Katrina.
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"Skyrocketing gas prices have tipped consumers upside down this summer and to protect our economy, the President should act immediately to tap the Strategic Petroleum Reserve," Schumer said in a statement. "If there was ever a time for the Strategic Petroleum Reserve to be tapped, it would be now."
The U.S. government loaned or "exchanged" some 5 million barrels of crude oil from the stockpile last year following supply disruptions caused by Hurricane Ivan. The stockpile consists of more than 700 million barrels of crude oil stored in underground salt caverns in Louisiana and Texas.
An estimated 633,000 barrels of daily crude oil production, 42 percent of the daily average output from the Gulf Coast, was halted as of Sunday because of Katrina.
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