An SPR warning shot

10/04/1999
Oil producers should bristle over the call last week in the US for withdrawal of crude oil from strategic storage. But they should not ignore it.The recommendation came from Sen. Charles Schumer (D-NY), who wrote a letter asking President Bill Clinton to approve sale of "several hundred thousand barrels a day" of crude from the Strategic Petroleum Reserve. The President can approve the sale of SPR oil in supply emergencies.Schumer expressed alarm about the rapid rise in crude prices since March and about the decision last month by the Organization of Petroleum Exporting Countries not to raise production immediately. The price rise threatens the US economy, he said.Rapid rebound The price ...
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