;-) aktuell siehe Ariva-Chart 68,05 -1,63% Bush to Release Crude From Reserve Stocks Friday September 2, 10:03 am ET By H. Josef Hebert, Associated Press Writer Bush Administration Ready to Release Up to 2 Million Barrels a Day of Crude Oil From Reserve Stocks WASHINGTON (AP) -- The Bush administration, in conjunction with other oil consuming nations, expects to release 2 million barrels a day of crude oil and refined gasoline from U.S. and international emergency government reserves to counter supply disruptions caused by Hurricane Katrina, administration officials said Friday. The move reflects a much broader use of the U.S. strategic petroleum reserves and opens the way for millions of gallons of gasoline imports from European government stockpiles to try to stem soaring gasoline prices at home. A decision was expected to be announced by the Paris-based International Energy Agency later Friday about the coordinated release of crude and refined products by agency members, said an administration source speaking on condition of anonymity because of the discussions on procedures for the release were still under way. The release would total 2 million barrels a day, with the U.S. contributing 44 percent of that amount in crude from the Strategic Petroleum Reserve. Administration officials hope the other 56 percent would be in the form of gasoline now in European government stockpiles. Fears of escalating fuel prices spread across the country this week as damaged Gulf Coast refineries and fuel lines shut down. Gas prices on jumped 35 to 50 cents a gallon overnight in many places, pushing the pump costs to well over $3 a gallon in some areas. On Thursday, President Bush urged Americans to be prudent in their consumption of energy, but called the hurricane a "temporary disruption" to gasoline supplies. The IEA, an oil market watchdog formed under the auspices of the Organization for Economic Cooperation and Development, is in consultations with its members on the release of some of their oil products inventories after Katrina shut down some 90 percent of production facilities on the U.S. coast of the Gulf of Mexico. Energy Department spokesman Craig Stevens said he could not comment about any discussions with the IEA on supplies. But he added that the administration has made it clear that government oil reserves can be used for significant supply disruptions including natural disasters such as Hurricane Katrina. Up until now the administration has loaned oil from the SPR to several refineries, but has not had a general release of crude to counter supply problems. Under international agreement, such a release must be coordinated with other IEA members. |