New Bill Would Halt Deliveries To U.S. Oil Reserve

Law360, New York (February 6, 2008, 12:00 AM EST) -- A group of U.S. senators introduced legislation Wednesday that would temporarily postpone oil deliveries to the Strategic Petroleum Reserve in an attempt to reduce the record prices that consumers are paying for heating and petroleum products.

The U.S. Department of Energy currently pulls more than 50,000 barrels of oil a day off the open market to store in the Strategic Petroleum Reserve, which consists of four government complexes along the Texas and Louisiana Gulf Coast that hold emergency supplies of crude oil.

If the bill becomes...
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