The US government has agreed to release oil from the strategic petroleum reserve
The US government has agreed to release oil from the strategic petroleum reserve to help refineries whose operations have been badly hit by Hurricane Katrina, Energy Secretary Samuel W. Bodman announced Wednesday, giving no details about the quantity of oil to release.
President George Bush yesterday ordered the release of crude oil from the strategic reserves to prevent the spike in global energy prices.
It was reported that some nine refineries hurt by Hurricane Katrina are interested in borrowing crude oil from the emergency stockpile.
Bodman said that tapping the SPR would "certainly help those companies and those refineries to function, whereas they wouldn't be functioning without a supply of crude oil."