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.
COPYRIGHT 2000 Gulf Publishing Co.
COPYRIGHT 2000 Gale Group
