Third, the President authorized the Secretary of Energy to tap the Northeast Home Heating Oil Reserve.
This week Bill Clinton vowed to create a home-heating-oil reserve for the north-eastern states.
Hidden 1, 000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world.
At today's oil prices, the heavy oil reserve is going to sit there.
When is the President -- or what conversations have been happening right now about tapping into the Strategic Oil Reserve?
He also wants the Energy Department to release the 2 million barrel petroleum stockpile in the Northeast Home Heating Oil Reserve.
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Washington also released 2 million barrels a day of diesel from the Northeast Home Heating Oil Reserve, bound for New York and New Jersey.
The Clinton administration began taking bids this week from energy companies to fill a 2 million barrel heating oil reserve planned for the Northeast.
One is, could you explain exactly this home heating oil reserve?
Reid suggested the president instead focus on releasing oil from the strategic oil reserve, speeding up production in areas already open for drilling and cracking down on oil traders.
The government bought this oil, which it calls the Northeast Heating Oil Reserve, in late August by trading in 2.8 million barrels of valuable crude and taking the hit for a nasty refining markup.
Professor Alex Kemp, a petroleum economics expert at the University of Aberdeen, described the Falklands oil reserve estimates as "optimistic, " adding that even if they are proven, the cost of exploiting them could still be prohibitive.
"Considering the rapid depletion of the world's oil reserve, the heightened global interest in addressing greenhouse gas emissions and the geopolitical complications of global oil supply and demand, " a report by the U.S. Department of Energy concluded.
Not to be confused with either the Strategic Petroleum Reserve or the Arctic National Wildlife Refuge (ANWR), the desolate 23 million acre NPRA region was first established as an oil reserve for the U.S. Navy in 1923.
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"I have said and, in fact, supported a congressional resolution that said we should suspend putting more oil into the strategic oil reserve, but the strategic oil reserve I think has to be reserved for a genuine emergency, " he said on July 7.
Short of cutting petrol taxes still further (John McCain and Hillary Clinton proposed a tax holiday during the 2008 race), or mounting an irresponsible raid on the strategic oil reserve for political purposes, he has no ready way to make petrol cheaper for the American voter.
The oil sands hold 171.3 billion barrels of oil in reserve.
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It also would offer incentives for renewable energy, require the government to release oil from its emergency reserve, and force oil companies to drill on federal lands they already lease from the government.
That is especially true if, as posited by Matthew Simmons in his compelling new book, Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy, much of the world's putative reserve oil in Saudi Arabia is not actually there .
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But oil and gas reserve numbers only make sense in the context of a particular set of technologies and pricing levels.
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Which reminds me, what about the roughly one trillion dollars worth of oil we have in reserve?
After peaking in 2001, production in the North Sea, Europe's largest reserve of oil and gas, plunged.
Another suggestion, to release some oil from the strategic reserve, would bring a temporary benefit at best.
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So for a relatively short period of 18-24 months, the government will substitute revenue fall-out from weak oil prices with their reserve fund cash.
Back when the U.S. government ran the giant Elk Hills oil fields in California as a national petroleum reserve, the funding for individual oil wells had to be approved by Congress.
The state is in a boom, thanks to a major oil find called the Bakken reserve.
There are reports that the administration is considering releasing oil from the Strategic Petroleum Reserve.
The "get Bush" crowd advocates releasing oil from the strategic petroleum reserve in order to bring market prices back down.
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