Clinton Approves Limited Release of U.S. Oil Reserves

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Clinton Approves Limited Release of U.S. Oil Reserves By Justin Lahart Associate Editor 9/22/00 3:55 PM ET

President Bill Clinton has authorized a limited release of oil from the country' 570 million barrel Strategic Petroleum Reserve, according to the Associated Press.

Although analysts have said that the actual impact of any SPR oil would be limited in real terms, it holds enough symbolic importance that the price of crude could reverse. The last time the reserve was used, during the Gulf War, the price of oil quickly fell. Crude was lately down $1.40 to $32.60 a barrel.

Energy Secretary Bill Richardson has scheduled a news conference for 4 p.m. EDT.

http://www.thestreet.com/brknews/general/1094144.html

-- Martin Thompson (mthom1927@aol.com), September 22, 2000


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