With crude oil prices above $105 a barrel and natural gas prices nearing $10/Mcf, a group of chemical manufacturers Friday called on Congress to look again at lifting the moratoria on drilling off the East and West Coasts.
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The U.S. Senate amended the Department of the Interior’sappropriations bill to include a provision for a two million barrelheating oil reserve in the Northeast. The House already hasauthorized creation of a permanent reserve but has not appropriatedfunds. A conference committee now will merge the two measures. Lastweek, the president ordered the Department of Energy to establish atemporary home heating oil reserve in time for use this winter.This week, DOE plans to advertise for bids to fill that stockpile.It intends to sell oil from the Strategic Petroleum Reserve inLouisiana in exchange for heating oil and storage capacity in theNortheast.
July 20, 2000
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