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US will stop sending oil into strategic reserves
WASHINGTON (AP) - The Energy Department says it has canceled oil shipments into the Strategic Petroleum Reserve beginning in July when the current purchase contract expires.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
The move came days after Congress passed legislation requiring the president to suspend the shipment into the reserve in hopes of lowering gasoline prices.
The Energy Department said it will not sign contracts for new shipments of 76,000 barrels of oil a day for the six-month period beginning July 1. President Bush had opposed halting the shipments, arguing that such a relatively small amount of oil would not influence prices. Current shipments will continue. The reserve is 97 percent full, holding 701 million barrels of crude.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
