Watching Government: SPR backfire

10/23/2000
The Clinton administration's political decision to release oil from the Strategic Petroleum Reserve has become a political embarrassment.In an effort to boost production of home heating oil production, the administration is releasing 30 million bbl. The original winning bidders pledged to return 31.56 million bbl by Nov. 1, 2001.But the US Department of Energy awarded a third of the crude to three small companies not known for oil trading. Euell Energy Resources and Lance Stroud Enterprises could not provide the necessary letters of credit. Burhany Energy Enterprises transferred title to its 3 million bbl to Hess Energy Trading.Last week, DOE reoffered the remaining 7 million bbl, fo...
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