Open Thread - Strategic Oil Reserve
Can anyone explain to me the thinking Bushco to keep on filling this reserve? Does Bushco have plans we are not clued in on? House speaker calls on Bush to stop stocking oil WASHINGTON (Reuters) - The Speaker of the House of Representatives on Thursday called on the White House to temporarily stop sending crude oil into the nation's emergency stockpile. House Speaker Nancy Pelosi told reporters that she was calling on President George W. Bush to work with Democrats to find a way to "temporarily suspend" oil deliveries to the Strategic Petroleum Reserve. The White House has resisted calls to stop SPR deliveries, saying they have a minimal effect on prices and are a necessary buffer against supply disruptions. -snip - The nearly 701 million barrels of crude oil stocked away in underground salt caverns in Louisiana and Texas are meant as a supply buffer in case of major supply disruptions like the 2005 hurricanes that plowed into the Gulf Coast oil patch. The SPR was created by Congress in 1975 after the Arab oil embargo during the Yom Kippur War in 1973. Is this reserve bottomless? Go Nancy!
buzz-it!
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Strange
I could swear I heard the SPR was near capacity and they would quit adding to it in the near future?
Short answer -- "Yes."
They have plans and expectations that they won't tell us about.
We're not part of the plan; the oil's not for us.
Welcome To..............
America????????
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