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Strategic Petroleum Reserve

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NATIONAL
May 15, 2008 | From Times Wire Reports
The Senate approved and sent to the White House legislation directing President Bush to temporarily suspend oil deposits into the government's Strategic Petroleum Reserve. Bush has refused to halt the stockpiling of about 70,000 barrels of oil a day, saying it was such a small amount that it could have no effect on the price of gasoline or crude oil. The Senate and House had approved the suspension Tuesday, but in different forms. The Senate approved the House bill by unanimous consent.
ARTICLES BY DATE
NATIONAL
March 16, 2012 | By Christi Parsons and Neela Banerjee, Washington Bureau
  President Obama launched a fiery defense of his energy policy Thursday amid growing pressure to stem rising gasoline prices, perhaps by releasing oil from the nation's emergency petroleum reserve. Obama avoided mentioning the Strategic Petroleum Reserve option, but acknowledged the pain Americans feel at the pump and mocked Republicans for "acting like 'We've got a magic wand and we will give you cheap gas forever.' " "We've seen it all before; we know better. You know better," he told a crowd at Prince George's Community College in Maryland.
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NEWS
November 29, 1987 | GUY DARST, Associated Press
It looks like a gravel parking lot built in the middle of a swamp. Only a little complex of pipes in the corner hints at its purpose: to protect America from ever again falling victim to an oil embargo. Underground is oil--millions and millions of barrels of oil here and elsewhere. Enough oil to equal 90 days' worth of imports if there were a total cutoff of foreign oil, which accounts for more than a third of the oil America uses.
BUSINESS
February 24, 2012 | By Kathleen Hennessey, Los Angeles Times
As rising gasoline prices threaten to put a drag on the already sluggish economic recovery, the Obama administration is leaving open the possibility that it could draw from the nation's emergency reserve in an attempt to reverse the trajectory. "There's a case for the use of the reserve in some circumstances, and we'll continue to look at those and evaluate that carefully," Treasury Secretary Timothy F. Geithner told CNBC on Friday. The secretary's hedged remarks echoed those coming from the White House all week, as gas prices surged amid market jitters over Iran's nuclear program.
NEWS
September 28, 1990 | PATRICK LEE, TIMES STAFF WRITER
U.S. oil prices broke the $40-a-barrel barrier for the first time Thursday as fears of a Middle East conflict overshadowed President Bush's stated intention to tap the Strategic Petroleum Reserve. The relentless upward movement of oil prices showed that war jitters and possible shortages of oil are negating the calming effect of Bush's announcement late Wednesday that he would release 5 million barrels of crude oil from the 590-million-barrel Strategic Petroleum Reserve.
BUSINESS
May 9, 1996 | RALPH VARTABEDIAN, TIMES STAFF WRITER
Using deep underground salt domes along the Gulf Coast, an energy-shocked Uncle Sam began to squirrel away millions of barrels of crude oil in the 1970s as "doomsday insurance" against a cutoff of oil imports. But today, Democrats and Republicans alike have begun to treat the precious cache of crude--known as the Strategic Petroleum Reserve--as a sort of fiscal cookie jar.
OPINION
March 8, 2011
Whenever gasoline prices spike, it's a pretty good bet that politicians are going to propose tapping the Strategic Petroleum Reserve. This time around, the talk started with Sen. Jeff Bingaman (D-N.M.), chairman of the Senate Energy and Natural Resources Committee, who last week urged President Obama to consider selling oil from the reserve as a way to stabilize prices. Then on Sunday, White House Chief of Staff William Daley said on NBC's "Meet the Press" that the Obama administration is "considering" dipping into the reserve.
NEWS
January 15, 1991 | JAMES RISEN, TIMES STAFF WRITER
If the United States plunges into war against Iraq, top economic policy-makers may take a series of steps to minimize the impact of the war on the domestic economy, while seeking to ensure adequate supplies of energy, government and private analysts said Monday. While it has not been publicly announced, the Bush Administration's first action on the economic front, officials say, would be the quick release of 1.
BUSINESS
May 13, 1992 | From Times Staff and Wire Reports
U.S. Restarts Oil Purchases for Strategic Stockpile: The United States has bought foreign oil for its Strategic Petroleum Reserve for the first time since Iraq invaded Kuwait Aug. 2, 1990, the Department of Energy announced. The department arranged to buy 1 million barrels of North Sea crude through the Defense Fuel Supply Center at $19.78 a barrel, plus freight. Industry sources say the oil, due for loading between late May and late June, is from Norway's Oseberg field.
BUSINESS
June 24, 2011 | By Neela Banerjee and Walter Hamilton, Los Angeles Times
A surprise move to tap government oil reserves could slash painfully high gasoline prices this summer and give the U.S. economy a much-needed boost, but the rare action underscores the challenge posed by the weakening recovery. The price of oil tumbled Thursday after the U.S. and other industrialized countries, citing the loss of oil from Libya, said they would release 60 million barrels of crude from emergency stockpiles and sell it on the energy markets over the next 30 days. Half of the oil is to come from the U.S. government's Strategic Petroleum Reserve on the Gulf Coast.
NEWS
June 23, 2011 | By Neela Banerjee, Washington Bureau
WASHINGTON -- The Obama administration announced Thursday that it planned to release 30 million barrels of oil from the Strategic Petroleum Reserve, as part of a coordinated international effort to drive down high crude prices and revive the flagging economic recovery in the world's most industrialized countries. The decision sparked a plunge in crude oil prices in the U.S. and Europe. Oil futures were down $4.02 to $91.39 a barrel at about 10:45 a.m. PDT. The price was down as much as $5.72 a barrel in earlier trading on the New York Mercantile Exchange.
NEWS
April 21, 2011 | By Julie Mianecki, Washington Bureau
As gas prices across the nation inch higher, the Obama administration will investigate the energy markets for any evidence of manipulation of oil and gas prices through the formation of a new group, the Department of Justice announced Thursday. With the average price of a gallon of gas at about $3.84 this week, almost a dollar higher than a year ago, according to the Department of Energy, the Oil and Gas Price Fraud Working Group will search for incidents of fraud and collusion in addition to price manipulation.
OPINION
March 8, 2011
Whenever gasoline prices spike, it's a pretty good bet that politicians are going to propose tapping the Strategic Petroleum Reserve. This time around, the talk started with Sen. Jeff Bingaman (D-N.M.), chairman of the Senate Energy and Natural Resources Committee, who last week urged President Obama to consider selling oil from the reserve as a way to stabilize prices. Then on Sunday, White House Chief of Staff William Daley said on NBC's "Meet the Press" that the Obama administration is "considering" dipping into the reserve.
NEWS
March 3, 2011 | By James Oliphant, Washington Bureau
As Republicans continue to cast about for ways to weaken President Obama in advance of next year's elections, it appears they believe they have found one solid line of attack: rising gas prices. The average cost of a gallon of gas has been rising over the $3 mark all year, hitting $3.39 this week. On Wednesday, the price for a gallon of crude oil surpassed $100 a barrel on the world markets. Unrest in the Middle East, particularly in the oil-rich state of Libya, as well as rising international demand, has many analysts believing gas in the U.S. could hit $4 a gallon by summer.
NATIONAL
May 15, 2008 | From Times Wire Reports
The Senate approved and sent to the White House legislation directing President Bush to temporarily suspend oil deposits into the government's Strategic Petroleum Reserve. Bush has refused to halt the stockpiling of about 70,000 barrels of oil a day, saying it was such a small amount that it could have no effect on the price of gasoline or crude oil. The Senate and House had approved the suspension Tuesday, but in different forms. The Senate approved the House bill by unanimous consent.
NATIONAL
May 14, 2008 | Richard Simon, Times Staff Writer
Jittery about a political backlash over gasoline costs as prices set yet another record Tuesday, Congress voted to halt deliveries to the Strategic Petroleum Reserve in defiance of President Bush. The action was expected to have a modest effect on pump prices, saving motorists from 2 to 5 cents a gallon, backers said. But its overwhelming support, including from Bush's usual GOP allies, underscored the potency of fuel costs as a campaign issue. The measure is likely to be one of the few Congress approves this year in response to public angst at the pump.
BUSINESS
June 8, 2005 | From Associated Press
The United States' emergency fuel tank -- the Strategic Petroleum Reserve -- is months away from reaching its target amount of crude oil. The milestone is significant because it gives the country a larger energy-security blanket than ever to call upon in the event of a supply disruption. But the stockpiling of 700 million barrels of oil, which is scheduled for completion by the end of August, also could bring some immediate relief to the global energy market, analysts say.
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