Senator wants U.S. to stop expansion of oil reserves
WASHINGTON (Winston-Salem Journal) - Sen. Byron Dorgan, D-N.D., wants to stop expansion of U.S. oil reserves for a year, saying it makes no sense when oil prices are high.
The Strategic Petroleum Reserve contains 690 million barrels of oil and has a capacity of 727 million barrels. The energy law signed by President Bush in 2005 directs the government to expand that capacity to 1 billion barrels, and Bush has requested $168 million in the next budget year to begin that expansion.
Dorgan, the chairman of the subcommittee that will consider the bill, said that the legislation would put all plans for expansion on hold during the 2008 budget year.
The Strategic Petroleum Reserve contains 690 million barrels of oil and has a capacity of 727 million barrels. The energy law signed by President Bush in 2005 directs the government to expand that capacity to 1 billion barrels, and Bush has requested $168 million in the next budget year to begin that expansion.
Dorgan, the chairman of the subcommittee that will consider the bill, said that the legislation would put all plans for expansion on hold during the 2008 budget year.
posted by BP News Bureau | 1:04 PM
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