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Article: Energy Secretary Halts Proposed Sale of Oil Bakersfield Californian Knight Ridder/Tribune Business News.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- April 9, 1998
CopyrightCOPYRIGHT 1998 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Apr. 9--The proposed sale of oil from the federal government's Strategic Petroleum Reserve was put on hold Wednesday by Energy Secretary Federico Pena as Congress works The California Independent Petroleum Association has sought to sidetrack the sale as a money-loser for taxpayers and a further drain on oil prices that would hurt small producers already hard-hit because of the recent collapse of oilration of the reserve. Most of the 563 million barrels of oil held by the government in Louisiana salt caverns against a sudden cutoff of foreign oil was purchased at prices as high as $27 per barrel and could fetch aspendent producers especially hard.
"The sale ...
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