HOUSE PANEL REJECTS SPR SETASIDE

The House ways and means committee has rejected a proposal to tax the U.S. oil industry to fill the Strategic Petroleum Reserve. The plan, proposed by the House energy committee in its omnibus energy bill, would have required importers and refiners to place 1% of their volumes in the SPR. The goal was to fill the SPR, currently at 579 million bbl, at a 150,000 b/d clip toward a target 1 billion bbl. The oil industry lobbied hard against such a setaside, which it said would cost $2

May 4th, 1992
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