y H. Josef Hebert Associated Press Writer Published: Dec 24, 2002

WASHINGTON (AP) - The Bush administration faces renewed requests to free oil from an emergency government reserve and counter tight supplies, especially at Gulf Coast refineries, because of political unrest in Venezuela.

The administration plans no such move, however, according to senior officials, although they said the Venezuelan situation was being watched closely.

Rep. Billy Tauzin, R-La., chairman of the House Energy and Commerce Committee, urged the administration this week to give strong consideration to tapping the government's Strategic Petroleum Reserve. He said several refineries along the Gulf Coast are close to running out of oil.

"As the economic crisis in Venezuela continues, its impact on the economy of the United States is becoming more pronounced," Tauzin wrote Energy Secretary Spencer Abraham in a letter sent Monday.

Oil prices jumped to more than $32 a barrel this week, the highest they've been in two years. Analysts cited the freeze of oil exports from Venezuela and continuing worries about possible war in Iraq. Venezuela normally accounts for about 1.3 million barrels of oil a day entering the U.S. system, about 14 percent of oil imports.

"Currently lending or exchanging oil from the Strategic Petroleum Reserve is not an active consideration," the Energy Department said in a statement last week when rumors circulated within the industry that tapping the reserve was being discussed.

White House spokesman Ari Fleischer said the emergency oil stockpile, now about 592 million barrels, is designed to deal with severe disruptions, and so far that has not occurred.

"Obviously, we're going to continue to monitor the situation very closely," Fleischer said last week. "But at this time we do not think the release is necessary."

Tauzin said the cutoff of Venezuelan shipments could cause at least two refineries to run out of crude oil by the end of the month unless Venezuela's supplies were resumed.

Government stocks are kept in salt domes along the Gulf coast in Louisiana and Texas. On several occasions, the government has provided small amounts from the reserve to specific refineries to meet temporary shortfalls, with the understanding the oil would be paid back.

Generally the reserve, which can provide as much as 4.1 million barrels a day, is to be used only in case of severe supply interruptions.

The reserve was tapped for 21 million barrels in 1990-91, in response to Iraq's invasion of Kuwait and the Gulf War; 28 million barrels in 1996-97, to pay for government operations; and 30 million in 2000, to stem soaring prices, in a swap arrangement in which companies are obligated to return the oil, plus a premium, by 2003.

President Bush strongly criticized the swap arranged by the Clinton administration in 2000, arguing during the presidential campaign that the reserve should be used only to combat severe supply shortages and not to influence prices.

On Tuesday, oil prices for February delivery eclipsed $32 a barrel before declining slightly. Spot prices on the New York Mercantile Exchange also nudged close to $32 a barrel in trading Tuesday.

A 23-day general strike in Venezuela against President Hugo Chavez essentially has halted Venezuela's oil exports. The country normally produces about 3 million barrels a day, more than a third of which is shipped to the United States. Production now is 300,000 to 400,000 barrels a day.

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On the Net: Strategic Petroleum Reserve: http://www.spr.doe.gov/MainHome.htm

AP-ES-12-24-02 1728EST

-- Anonymous, December 24, 2002

Answers

This is an important heads up. It's been lost in the mainstream news.

-- Anonymous, December 24, 2002

Fox reported it this afternoon but I suppose a lot of people were still out shopping. Doesn't matter much--we all keep our tanks topped up--DON'T WE? And it wouldn't hurt to fill up a couple of 5-gall cans, either, just for emergencies. (Better to have and not need. . .)

-- Anonymous, December 24, 2002

good point, OG

it certainly is better to have and not need

and with just a bit of Stabil.....you don't have to worry bout gas going bad

i *think* you can treat it again if the "shelf life extension" period is over

anyone know if you can keep treating gas multiple times?

-- Anonymous, December 25, 2002

STA-BIL Home Treatment Levels

Storage/Shelf Life of STA-BILŪ

STA-BILŪ will stabilize fresh fuel and protect an engine’s fuel system up to 15 months when used as directed. For best results, treat fresh fuel promptly when purchased. The STA-BILŪ can or bottle itself has a shelf life of 2 years. STA-BILŪ that is discolored and has turned dark brown is an indication that it is time to replace your old STA-BILŪ with a new bottle or can in order to insure best results.

Application & How STA-BILŪ Works

Using STA-BILŪ in all types of power equipment when the fuel is still fresh is an inexpensive and effective way to protect engines and treat your gas for quick starts next season. STA-BILŪ contains proprietary additives designed to reduce oxidation and metal corrosion of gasoline and diesel fuels. These additives prevent the fuel from oxidizing which can cause the build up of gum and varnish in your fuel system. In simpler terms, STA-BILŪ surrounds "good" fuel molecules with a coating so that oxygen can not "break down" the fuel molecules into "bad" gum and varnish. Make sure you run the engine for a few minutes after adding STA-BILŪ so that it can work its way through the entire fuel system.

STABIL FAQs>

-- Anonymous, December 25, 2002

Off, dammit!

-- Anonymous, December 25, 2002

Yes, I top off my gas tank every couple of days -- just did it yesterday. I'm storing as much gas as I feel comfortable storing here -- were I in the country, I'd store more in an underground tank.

Wish spring were a little closer -- I could ride my bike around and not worry about gas for the car. There's a little too much ice around right now for safe riding.

-- Anonymous, December 25, 2002