US may swap SPR crude oil for future refills

02/07/2000
The Clinton administration is considering a plan to release millions of barrels of oil from the US Strategic Petroleum Reserve, says Energy Sec. Bill Richardson.DOE would swap crude from the 568 million bbl reserve with US oil companies, who would replace it within a year. They would bid to get the oil, with the premium being additional barrels of oil to be stored in the SPR.The swap would help deflate world oil prices but would be consistent with the administration's policy of not selling SPR oil outright to reduce petroleum prices.White House approval of the DOE plan was expected shortly at OGJ presstime. Under current law, Richardson has authority to swap SPR crude.Richardson denie...
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