Oil

President Orders Release of Oil Reserves
Associated Press, September 22, 2000

President Clinton directed the release of 30 million barrels of oil from the government's emergency stockpile Friday. His top energy adviser cited a looming home heating crisis. ''We need to make sure that American families are warm this winter,'' Energy Secretary Bill Richardson said. ''This is the right time to do this.'' Richardson announced the decision only the second time that oil from the reserve has been used in response to an energy emergency a day after Vice President Al Gore called for a drawdown from the reserve. Richardson said that home heating oil inventories were 19% lower than a year ago nationwide and 65% lower in New England, where people rely heavily on oil to heat their homes. Northeast lawmakers have clamored for use of the government oil to rein in oil prices and deal supply shortages. The pressure became more intense in recent weeks as prices peaked at nearly $38 a barrel. Overall, oil stocks have been tight for months despite some increased worldwide production by the OPEC oil cartel. Oil was last released from the Strategic Petroleum Reserve in 1991 during the Gulf War.