Regional heating oil reserve a solution with its own problems

President Bill Clinton on Mar. 18 proposed the establishment of a heating oil reserve for the US Northeast region.He proposed that it be incorporated as part of the reauthorization by Congress of the Strategic Petroleum Reserve, although he reserved the right to act under his existing authority. Authority for the SPR expired at the end of March, and its reauthorization is part of an omnibus energy bill introduced into Congress last week (see related story, p. 27).Although Pres. Clinton gave no details, he appears to be calling for the establishment of a 2 million bbl distillate reserve to be located at leased terminals in the Northeast. The 2 million bbl figure was estimated by the US Dep...

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