Post by Shadow on Sept 5, 2005 5:50:38 GMT -5
Washington Post
Global Agency Acts to Control Rising Prices
By Justin Blum
Washington Post Staff Writer
Saturday, September 3, 2005; Page D01
A group of 26 countries, including the United States, yesterday agreed to release oil, gasoline or other petroleum products from their emergency reserves in an attempt to bring down soaring prices and avert domestic shortages.
The decision by the members of the Paris-based International Energy Agency goes far beyond previously announced plans by the United States to allow some oil companies to borrow from its own Strategic Petroleum Reserve. Unlike the United States, some of the member countries have emergency stockpiles of gasoline, which analysts said could eventually stabilize retail prices and help alleviate scattered shortages in some parts of the country.
Although the exports could take two weeks to arrive, Energy Secretary Samuel W. Bodman said he hoped the added supplies would eliminate shortages. "That's really the major concern we have is to avoid disruptions in the flow of fuel throughout our country," Bodman said.
Global Agency Acts to Control Rising Prices
By Justin Blum
Washington Post Staff Writer
Saturday, September 3, 2005; Page D01
A group of 26 countries, including the United States, yesterday agreed to release oil, gasoline or other petroleum products from their emergency reserves in an attempt to bring down soaring prices and avert domestic shortages.
The decision by the members of the Paris-based International Energy Agency goes far beyond previously announced plans by the United States to allow some oil companies to borrow from its own Strategic Petroleum Reserve. Unlike the United States, some of the member countries have emergency stockpiles of gasoline, which analysts said could eventually stabilize retail prices and help alleviate scattered shortages in some parts of the country.
Although the exports could take two weeks to arrive, Energy Secretary Samuel W. Bodman said he hoped the added supplies would eliminate shortages. "That's really the major concern we have is to avoid disruptions in the flow of fuel throughout our country," Bodman said.