No more storing up for a rainy day. Yesterday, the U.S. Congress told the federal government to stop its shipments of 70,000 barrels of oil per day to the U.S. Strategic Petroleum Reserve. The reserve, which is composed of four major containment locations on the Gulf Coast, currently holds 702 million barrels of petroleum, and can hold a further 25 million barrels at full capacity. President Bush originally requested in 2001 for the SPR to reach a minimum 700 million barrels. The facilities at the time held only 545 million barrels, and have steadily grown during the last decade. Despite reaching and then surpassing the original goal, Bush responded to Congress' measure by arguing that halting shipments to the SPR would have minimal effect on oil prices. True, but come on Bush, it's an election year. You're going to deny our legislators an opportunity a great chance to make a historic media-friendly empty gesture? –Stephen Payne, Editor, Oil and Gas Investor This Week; spayne@hartenergy.com
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