US Northeast heating oil reserve created

The US Northeast Home Heating Oil Reserve (NHHOR), a 2 million bbl reserve of government-owned heating oil for emergencies, has been created.US Energy Sec. Spencer Abraham on Mar. 6 signed letters to Congress that formally established the reserve.Sec. Abraham said, "The reserve was established as an insurance policy against supply, inventory, and delivery problems in the wake of last winter's extreme weather that pounded the Northeast."The reserve will help families and small business owners in times of crisis that affect heating oil supply and distribution, he added.President George W. Bush supports creation of the reserve, and he has proposed $8 million in funding for NHHOR. Under A...

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