WASHINGTON - U.S. Energy Secretary Rick Perry said on Monday it was too soon to say whether the United States would tap emergency oil reserves after attacks in Saudi Arabia halved the crude output in the world’s largest oil exporter.
Perry said the United States would wait to see how long the facilities in Saudi Arabia would be down before releasing any oil from the U.S. Strategic Petroleum Reserve, or SPR, but that Washington stood ready. Under U.S. law, the president can call for an emergency sale from the SPR if the country is confronted a supply disruption that threatens the economy. The SPR has been used for that purpose three times, most recently in 2011 after violence in Libya.In addition, there have been several non-emergency sales mandated by Congress. In the latest of those, the Energy Department sold nearly 10 million barrels of oil to four U.S. energy companies that will be delivered in October and November.
Source: Energy Industry News (energyindustrynews.net)
Hope they realize how many years it takes to replace what they tap out.
Honest question.... Is there an emergency?
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