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Bush authorizes oil release from Strategic Petroleum Reserve

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Thursday, September 1, 2005

Yesterday, President George W. Bush authorized the release of oil from the Strategic Petroleum Reserve due to Hurricane Katrina's effects on oil refineries in the Gulf Coast.

The decision was made late Tuesday and announcement was made Wednesday.

The Strategic Petroleum Reserve consists of 700 million barrels of oil located in salt caverns along the Texas and Louisiana coast. The Strategic Petroleum Reserve is meant to act as a cushion for the oil market during disruptions of energy.

Energy production was interuppted by Katrina as more than 735 oil and natural gas rigs had to be evacuated. This shut down 95 percent of crude production and 88 percent of natural gas output in the Gulf of Mexico.

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  This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

Note that some listed sources or external links may no longer be available online due to age.

The text of this article has been released into the public domain. In the event that this is not legally possible, this article may be used for any purpose, without any condition, unless such conditions are required by law. This applies worldwide. Copyright terms on images, however, may vary, so please check individual image pages prior to duplication.
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