DOE acts to help producers through crisis

02/22/1999
The U.S. Department of Energy has offered to let U.S. oil companies store crude in the government's Strategic Petroleum Reserve (SPR). That program was one of five that DOE announced last week to help U.S. producers survive the oil price slump. DOE also is reopening its reservoir-class studies, offering grants to help small operators solve technological problems, demonstrating energy-saving oil field equipment, and launching an electronic-filing pilot project. SPR storage Energy Sec. Bill Richardson said DOE would let U.S. producers store up to 70 million bbl of oil in the SPR. He recently announced that the government would add 28 million bbl of federal royalt...
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