Newspaper article THE JOURNAL RECORD

Petroleum Reserve Extended by House

Newspaper article THE JOURNAL RECORD

Petroleum Reserve Extended by House

Article excerpt

WASHINGTON (AP) - The House on Tuesday approved an eight-month extension of the Strategic Petroleum Reserve, the nation's energy life jacket in the event of a repeat of the 1973-74 Arab oil embargo.

On a voice vote, the House authorized the Energy Department to continue filling the reserve with 60,000 to 78,000 barrels of oil daily through next February, but postponed decisions on several key issues on how the stockpile may be used.

The Senate approved similar legislation two weeks ago, but extended the program for another five years and raised the ceiling on the reserve from 750 million barrels to 1 billion barrels early in the next century.

In response to oil price surges after the Exxon Valdez tanker spill in Alaska two months ago, the Senate also expanded President Bush's authority to tap the reserve for domestic as well as foreign supply interruptions.

The House included none of those measures in its bill, saying it wanted to give its Energy and Commerce Committee as well as the Energy Department time to weigh the implications of any new policy directions. …

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