Strategic Petroleum Reserve, Bad Timing
October 18, 2007
04:25 PM
Crude oil prices are hitting new highs near-daily, and the start of the heating season is just weeks away. With those two truths in mind, many in Congress feel that continuing to add oil to the Strategic Petroleum Reserve is bad, both for consumers and for taxpayers. In a letter today to Energy Secretary Bodman, several Senators conveyed their unhappiness with these ill-timed additions. (BTW, oil futures today reached $89.56, the highest price since trading began in 1983.)
# # #
