Energy Dept to stop shipping to oil reserves in July: report

SAN FRANCISCO (MarketWatch) -- The Energy Department canceled oil shipments into the Strategic Petroleum Reserve beginning in July when the current purchase contract expires, the Associated Press reported Friday. The Energy Department will not sign contracts for new shipments of 76,000 barrels of oil a day for the six-month period beginning July 1, the news agency said. The reserve is 97% full, holding 701 million barrels of crude.

http://www.marketwatch.com/News/Sto...A8C4-8AFA-4760-BD86-68C7812111E5}&siteid=mktw

mods, feel free to merge or lock. I searched, but didn't come up with a hit showing this to be a dupe.

Sorry.

Election year feel-good nonsense.

Adding 70K bbl/day as one percent of our consumption is supposed to decrease gasoline supplies, according to one of our Exalted Congresscritters. At the same time (same press conference?) another said that adding 1,000K bbl/day from ANWR would NOT decrease gasoline prices.

Duh?

Stopping now is stupid, and short sighted. Do they think oil is going to be cheaper later? That oil is for National emergencies. Not so we can go to the mall in our big old SUV's. Maybe that's what we're saving ANWAR for, which suits my fine. Lets burn up that cheap arab oil now, and when the rest of the world needs some, we'll be the only ones with a little left.