U.S. to Loan Strategic Reserve Crude Oil

[Yo_Mama_Been_Loggin]

Didn't Chimpy slam Clinton in the year 2000 for doing this?

By Timothy Gardner

NEW YORK (Reuters) - Two refiners will borrow crude oil from the national emergency reserve to replace output lost due to Hurricane Ivan and another oil major may be next to tap the stockpile as prices near all-time highs.


The U.S. Department of Energy (news - web sites) confirmed that small Louisiana refiner Placid Refining LLC and oil major Shell Oil Co. will receive loans from the Strategic Petroleum Reserve, which currently holds about 670 million barrels.


The oil flow to Placid, which supplies the military with jet fuel, will start on Friday and consist of 300,000 barrels, the DOE said. Placid had requested 250,000 barrels of crude from the SPR for its 49,000 barrel per day refinery in Port Allen, Louisiana, due to supply disruptions from the storm.


No details were available on the amount of crude Shell will borrow. On Thursday, a government source told Reuters that loans to the oil majors could be for 1 million to 2 million barrels.

[Nite Owl]

1. You mean he

flip flopped?

Again.

[orpupilofnature57]

2. IT AIN'T 200 BILLION,BUT IT'S A START

Wonder how many farms could be saved with 45 or 90 million bucks.

[AlCzervik]

3. Didn't Kerry say he should do that like 3 months ago???

[w4rma]

4. Election is getting close. Time to temporarily bring the prices down. (nt)

[mom cat]

5. Let me get this right. The refinery is out for a day or two, so it needs

to "borrow" more crude oil????? It would seem more likely that Ivan left the refinery with more crude... the crude that it could not refine while the refinery was temporarily closed. Who owns the refinery anyway, and how is it linked to Buchco?

[uncle ray]

6. "The oil flow to Placid, which supplies the military with jet fuel"

suprise. like there was any doubt the reserve was just to keep the war machine fueled. now we need to our oil reserves so the war for more oil doesn't lose momentum. figures.