WATKINS SEEKS AUTHORITY TO LEASE OIL FOR SPR

U.S. Energy Sec. James Watkins has asked Congress for authority to negotiate leasing agreements on crude oil to fill the Strategic Petroleum Reserve. He also said the final size of the SPR should be the planned 750 million bbl, not 1 billion bbl. Watkins made the recommendations in two studies Congress required DOE to conduct, one on alternative financing approaches for the SPR and the other analyzing size options for the stockpile, which now contains 580 million bbl.

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