Senate backs Northeast heating oil reserve – Brief Article
To prevent a repeat of last winter’s Northeast fuel cost dilemma, the U.S. Senate voted to set up a permanent heating oil reserve for the region. The reserve would afford a 10-day supply of heating oil for the area. However, President Clinton is being accused of playing games with the plan for a 2-million-bbl, heating-oil emergency stockpile, which reportedly is inadequate to ease the problem of skyrocketing fuel prices. The House of Representatives also approved the plan but did not have a payment strategy for the reserve. Thus, the U.S. government is soliciting bids from energy companies to fund the reserve. The winning contracts will be announced in September.
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COPYRIGHT 2000 Gale Group