www.xinhuanet.com
XINHUA online
CHINA VIEW
VIEW CHINA
 Breaking News Iraq's al-Qaida claims responsibility for Baghdad attacks    Death toll rises to 12 in Yunnan unknown blast    NATO ministers differ on operations in Afghanistan    Powerful blasts rock Baghdad    High oil price to cost China additional US$15 bln    2 Iraqi police killed in car bomb blast in Baghdad    
Home  
China  
World  
Business  
Technology  
Opinion  
Culture/Edu  
Sports  
Entertainment  
Life/Health  
Travel  
Weather  
RSS  
  About China
  Map
  History
  Constitution
  CPC & Other Parties
  State Organs
  Local Leadership
  White Papers
  Statistics
  Major Projects
  English Websites
  BizChina
- Conferences & Exhibitions
- Investment
- Bidding
- Enterprises
- Policy update
- Technological & Economic Development Zones
Online marketplace of Manufacturers & Wholesalers
   News Photos Voice People BizChina Feature About us   
US govt sells 11m barrels of SPR crude to ease shortage
www.chinaview.cn 2005-09-14 23:04:33

    WASHINGTON, Sept. 14 (Xinhuanet) -- The US government has sold 11 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) to ease shortage after Hurricane Katrina hit Gulf Coast, theEnergy Department announced Wednesday.

    The sale amount was about a third of what had been offered to the oil industry. The government had made available up to 30 million barrels to oil companies from the emergency stockpiles.

    The fact that oil companies did not seek to buy as much as whatthe government offered was a sign that normal production is coming back, officials said.

    According to the department, the 11-million-barrels oil was sold for a price ranging from 59 dollars a barrel for sour crude to a range of 62 dollars to 66 dollars a barrel for sweet crude.

    The department announced that the purchasers were: BP Oil Supply Co, 2.7 million barrels; Marathon-Ashland Petroleum LLC, 2.25 million barrels; Shell Trading (US) Co., 2 million barrels; Astra Oil Co., 1 million barrels; and Vitol SA Inc., 3 million barrels.

    The 11 million barrels of oil were straight sales. The sales were in addition to the loans of 12.6 million barrels the government had released to six Gulf Coast refineries soon after Hurricane Katrina slammed into the Gulf Coast on August 29.

    "This sale ensures that refineries have the petroleum they needto keep gasoline and diesel flowing to American consumers while production facilities in the Gulf region regain their capacity," Energy Secretary Samuel Bodman said.

    As of Tuesday, 89 platforms and rigs remained evacuated in the Gulf, government figures showed. That means 56.45 percent of dailycrude production and 37.2 percent of natural gas output is still offline.

    "As we move forward, we will continue to monitor the overall supply of petroleum available and the needs of the nation as we determine next steps," Bodman said. Enditem 

  Related Story
Copyright ©2003 Xinhua News Agency. All rights reserved.
Reproduction in whole or in part without permission is prohibited.