Bush Weighs Tapping Strategic Oil Reserve [View All]

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http://www.sfgate.com/cgi-bin/article.cgi?file=/n/a/2005/08/29/national/w080332D66.DTL&type=printable

Bush Weighs Tapping Strategic Oil Reserve

President Bush weighed a decision on whether to release some oil from the nation's petroleum reserves to help refiners hurt by Hurricane Katrina, administration officials said Monday. A decision was expected later in the day.

The storm already forced the shutdown of an estimated 1 million barrels of refining capacity along the nation's Gulf Coast.

Adminstration officials, speaking on the condition of anonymity because they were not authorized to speak publicly, said Bush seemed likely to authorize a loan of some oil from the Strategic Petroleum Reserve but that details remained in flux.

In 2004, the president authorized loans from the reserve to help refiners make up for missing supplies when Hurricane Ivan struck.