Watching Government: SPR refill

The Petroleum Industry Research Foundation Inc. (Pirinc), New York, says the U.S. is missing a golden opportunity to replenish the Strategic Petroleum Reserve, which now holds 563 million bbl. It said, "Over the past 3 years, Congress and the administration have seen fit to raid the SPR for budgetary purposes by selling off 29 million bbl. The time is uniquely right to at least buy these barrels back." Pirinc noted world oil prices are hovering around $11/bbl, about $9 below the 1997 average

Dec 28th, 1998

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