Magazine article Insight on the News

Oil Costs Give Rise to Concern

Magazine article Insight on the News

Oil Costs Give Rise to Concern

Article excerpt

Energy specialists tell news alert! that tensions between Iraq and nearby Kuwait and Saudi Arabia are reason for concern as Americans head into the cold winter months. With the overheated market in need of more oil and the Iraqis threatening to restrict production, economists and energy experts have been choosing sides over whether to tap the nation's Strategic Petroleum Reserve (SPR) to increase supply and thwart rising prices.

Ed Porter, a senior economist with the American Petroleum Institute, tells news alert! that President Clinton has to be prepared to use the SPR. And U.S. Energy Secretary Bill Richardson says prices that have rocketed above $37 a barrel are "dangerously high" What will be done? It hardly can be argued that the United States hasn't enough oil in reserve to intervene against the Organization of the Petroleum Exporting Countries (OPEC) cartel when Al Gore has just managed to sell off the huge Elk Hills Naval Petroleum Reserve, a target of the infamous Teapot Dome scandals of the Harding administration, to the Occidental Petroleum Corp. …

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