Summary
When it comes to oil prices, there are many things the U.S. can't control - the weather and political instability in the Middle East and South America, for example. That's why it is wise for Congress to look at areas the U.S. can affect and ensure that policies aren't driving oil prices even higher.
The Strategic Petroleum Reserve may be one such area. At a congressional hearing last week, Philip Verleger, an oil economist, told lawmakers that neither international events, growing demand nor a global shortage were responsible for a rapid rise in oil prices that began in August. The one significant change Mr. Verleger saw this year was the Department of Energy's decision to restart delivery of oil to the country's Strategic Petroleum Reserve, he told a subcommittee of the Senate Homeland Security and Governmental Affairs. Purchases for the reserve were suspended by President Bush in April 2006 to boost supplies of gasoline. This August, the Energy Department resumed deliveries, with more than 5 million barrels of oil acquired through November.See the full content of this document
Extract
Petro Dollars and Sense
In 2005, in response to concerns that the Energy Department was buying oil when prices were h...
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